non compliance

How Tax Administrations Handle FATCA, CRS Non-Compliance

August 2021

OECD Report Details Preventative and Corrective Measures for Financial Institutions’ FATCA and CRS Non-Compliance Tax administrations can use a combination of detective, preventative and corrective measures to assess and treat Foreign Account Tax Compliance (FATCA) and Common Reporting Standard (CRS)

  • Foodman website and JD Supra
Virtual Currency Industry

Debunking Five Myths About Cryptocurrency

August 2021

A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already evaporated as crypto prices

  • website and JD Supra
OECD CARF el CARF OECD

How Tax Administrations Can Monitor FIs’ FATCA and CRS Compliance Training

August 2021

Governance and Implementation Compliance Hallmarks for FIs A new report from the Organization for Economic Cooperation and Development (OECD) says that tax administrations can assess financial institutions’ FATCA and CRS compliance by monitoring their staff training initiatives. The report, “Guide

  • website and JD Supra
data access

IRS Security Summit Offers Tips on How to Prevent Identity Theft and Tax Fraud

Two-factor Identification is one of the cheapest and easiest ways to prevent tax fraud. As Certified Fraud Examiners (CFEs) we suggest many other safeguards to our clients. As Certified Fraud Examiners (CFE) my firm has long helped clients untangle webs

  • Foodman CPAs
ransomware

FinCEN to host second ‘exchange’ on preventing ransomware

July 2021

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN Exchange is a voluntary public and private partnership that

  • Foodman website and JD Supra
witholding tax

What is Backup Withholding Tax and Who Has to Pay It?

July 2021

When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers and payees who either mistakenly or intentionally supply

  • Foodman website and JD Supra
Crypto currency and the IRS

The IRS Is Cracking Down On Cryptocurrency Tax Reporting

July 2021

If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the government about their

  • Foodman website and JD Supra
compliance image puzzle

2021 “Green Book” Introduces Comprehensive Financial Account Reporting

July 2021

The “Green Book” is a US Treasury Department document that presents detailed explanations of an Administration’s revenue proposals in support of a President’s annual budget request.  On May 28, 2021, the Biden administration released its “Green Book” titled “General Explanations

  • Foodman website and JD Supra
Virtual Currency Industry

Upcoming Virtual Currency FBAR and FATCA Reporting Enforcement

July 2021

Under current FinCEN regulations, a foreign account holding virtual currency is not reportable on the FBAR.  However, FinCEN in its FinCEN Notice 2020-2, proposes amending reports of foreign financial accounts (FBAR) regulations to include virtual currency accounts as a type

  • Foodman website and JD Supra
tax gap Brecha Fiscal

THE TAX GAP TO RISE TO APPROXIMATELY $7 TRILLION

July 2021

The US Treasury reports that it is expecting the tax gap to rise to approximately $7 trillion over the course of the next decade if left unaddressed.   In May 2021, the US Department of the Treasury issued the “THE AMERICAN

  • Foodman website and JD Supra
audit blue image

Forensic Audits are Trending

July 2021

The demand for forensic auditing services is soaring during our ongoing Covid-19 pandemic. In the space of Certified Public Accountants (CPA) service offerings, forensic auditing is a recognized   tool for detecting and preventing fraud or financial crimes.  Keep in mind

  • Foodman website and JD Supra
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