tax gap Brecha Fiscal

IRS is on a Mission is to Reduce the Tax Gap

May 2021

The difference between the amount of tax owed by Taxpayers for a given year and the amount that is actually paid timely for that same year is known as the “Gross Tax Gap”. The IRS looks at this number as

  • Foodman website and JD Supra
cumplimiento compliance

Out of Compliance Taxpayers Beware of The J5

May 2021

In 2017, following the Panama Papers and Paradise Papers data leaks, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call

  • Foodman website and JD Supra
FinCen BOI BOI de FinCEN

FinCEN is seeking Feedback on the Corporate Transparency Act (CTA)

April 2021

The CTA is a recent reporting requirement that is expected to enhance U.S. national security through increasing the difficulty involved for harmful actors to exploit opaque legal structures for laundering money, financing terrorism, proliferating weapons of mass destruction, trafficking humans,

  • Foodman website and JD Supra
irs

IRS sends “Soft Letters”

April 2021

An IRS “soft letter” is an IRS “tickler”.  IRS will send a “soft letter” to provide an opportunity for the Taxpayer to address an issue that could avoid the need for further IRS contact or examination.  If a Taxpayer does

  • Foodman website and JD Supra
financial planning

Extra Time Provided for Filing 2020 Taxes may offer Financial Planning Opportunity

April 2021

The federal income tax filing due date for individuals for the 2020 taxes has been extended from April 15, 2021, to May 17, 2021.  Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on

  • Foodman website and JD Supra
tax time

Have you hired the right Tax Preparer to prepare your Taxes?

April 2021

Tax Season is here.  Tax Preparers have different levels of skills, education and expertise and Taxpayers ought to take a closer look at what constitutes a “Qualified” Tax Preparer.  There are various types of regulated Tax Preparers, including Certified Public

  • Foodman website and JD Supra
tax time

19 possible Questions that your Tax Preparer ought to Ask regarding Foreign Accounts and Assets

April 2021

Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience.  Because US International tax reporting is complicated and often overwhelming for US Taxpayers, international tax specialist CPA is the appropriate choice for

  • Foodman website and JD Supra
taxpayer

How does the IRS enforce the Nation’s Tax Laws for the benefit of all Taxpayers?

April 2021

On December 17, 2020, the IRS published a document entitled “Closer Look”. It explains the IRS aspiration for balancing the Taxpayer burden with the potential benefit of its compliance effort when deciding which compliance tool to use.  The goal of

  • Foodman website and JD Supra
beneficial ownership

Included in the AML ACT of 2020 is the Corporate Transparency Act which outlines Beneficial Ownership Reporting Requirements

March 2021

The Corporate Transparency Act (CTA) is within the AML Act of 2020.  It establishes Beneficial Ownership Information Reporting Requirements to facilitate important national security, intelligence, and law enforcement activities; and confirm beneficial ownership information provided to financial institutions to facilitate

  • Foodman website and JD Supra
criminal offenses

New Criminal Offenses related to Foreign Political Figures and Money Laundering Entities

February 2021

Regarding assets belonging to Senior Foreign Officials, Section 6313 of the AML Act of 2020 prohibits the concealment of the source of those assets in monetary transactions or involving Institutions of primary Money Laundering concern as two new criminal offenses. 

  • Foodman website and JD Supra
criminal offenses

Nuevas Ofensas Penales Relacionadas con Figuras Políticas Extranjeras y Entidades de Lavado de Dinero

February 2021

Con respecto a los activos que pertenecen a Altos Funcionarios Extranjeros (Figuras Políticas Extranjeras), la Sección 6313 de la Ley ALD del 2020 prohíbe el ocultamiento de la fuente de esos activos en transacciones monetarias o que involucren Instituciones de

  • Foodman website and JD Supra
long reach

Foreign Bank and the New Longer Arm of the US Treasury and DOJ

February 2020

Before passage of the AML ACT of 2020 (the “ACT”), The US Department of the Treasury, and the US Justice Department (DOJ) had US legal authority to subpoena foreign banks with US correspondent accounts for related US records including records

  • Foodman website and JD Supra

Services