long reach

Bancos Extranjeros y el Nuevo Alcance de Brazo Largo del Tesoro de los EE. UU y el “DOJ”

February 2021

Antes de la aprobación de la LEY AML del 2020 (“AML ACT of 2020”), el Departamento del Tesoro de los EE. UU. y el Departamento de Justicia de los EE. UU. (“DOJ”) tenían la autoridad para citar (“subpoena”) a los

  • Foodman website and JD Supra
suspicious activity report

FinCEN provides further SAR Clarity

February 2021

On January 19, 2021, FinCEN issued Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations.  The answers to seven questions were provided by FinCEN in response to recent Bank Secrecy Act Advisory Group (BSAAG) recommendations,

  • Foodman website and JD Supra
suspicious activity report

FinCEN proporciona mayor claridad sobre el “SAR”

February 2021

El 19 de enero del 2021, FinCEN emitió respuestas a preguntas frecuentes sobre informes de actividades sospechosas y otras consideraciones contra el lavado de dinero (incluyendo el “SAR”). FinCEN proporcionó las respuestas a siete preguntas en respuesta a las recomendaciones

  • Foodman website and JD Supra
IRS

Comisionado del IRS envía un Mensaje Importante a los Contribuyentes de Altos Ingresos que No Declaran

January 2021

El 3 de diciembre del 2020, el IRS publicó “Cómo el IRS prioriza el trabajo de cumplimiento en los no declarantes de altos ingresos a través de esfuerzos nacionales e internacionales” en el Estudio titulado “Closer Look”.  El estudio se

  • Foodman website and JD Supra
dbr logo

Should Banks Continue To Do Business with Entities for Which a SAR is Filed?

December 20202

Should Banks Continue To Do Business with Entities for Which a SAR is Filed? This article appeared at the Daily Business Review on 12/23/20    

  • Daily Business Review
proof

IRS Agents Use Methods of Proof

December 2020

The IRS has tools inside of its Internal Revenue Manual (“IRM”) available to its agents for determining a Taxpayer’s taxable income as well as documenting its adjustments and corrections through what it calls “Methods of Proof”.  The IRM describes seven

  • Foodman website and JD Supra
cause

“Reasonable Cause” When Dealing with the IRS

December 2020

On November 5, 2020, the IRS removed the Delinquent Information Submission Procedure Program from its Offshore Compliance Options Menu.  Before the removal of this program, a US Taxpayer could file a “delinquent” international information tax return with what is known

  • Foodman website and JD Supra
obligations

What can I do if I made a willful mistake and willfully failed to comply with my tax obligations?

Voluntary compliance is the foundation of the US tax system. Although the majority of US Taxpayers voluntarily comply with their obligations, some fail to do so (willful mistake). Submitting a voluntary disclosure via the Voluntary Disclosure Practice may resolve a

  • Foodman website and JD Supra
IRS

IRS Commissioner Hylton sends an important message to high income non-filers

December 2020

On December 3, 2020, the IRS published  “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look.    It addresses how the IRS is in pursuit of high-income non-filers as an important

  • Foodman website and JD Supra
safe harbour

Is Section 314 of the USA PATRIOT Act Working?

November 2020

Section 314 of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money laundering and terrorist

  • Foodman website and JD Supra
law enforcement

“Complexity will not hide crime from law enforcement,” California U.S. Attorney on Brockman Indictment

November 2020

The U.S. Department of Justice (DOJ) 39 count indictment charging Robert T. Brockman, with tax evasion, wire fraud, money laundering, and other offenses, demonstrates that the DOJ is committed to the investigation and prosecution of the costliest and most sophisticated

  • Foodman website and JD Supra
real property

Are you purchasing Real Property from a Foreign Person?

November 2020

On 9/14/20, the IRS announced 4 New Compliance Campaigns . One Campaign addresses FIRPTA (Foreign Investment in Real Property Tax Act of 1980) Reporting Compliance for Non-Resident Aliens (NRAs).  FIRPTA authorized the United States to tax foreign persons on dispositions

  • Foodman website and JD Supra

Services