How IRS Finds “Mismatches” via its Automated Compliance Programs
The IRS uses the information it collects to detect, prevent, and reduce noncompliance and fraud. The US Government accountability Office (GAO) produced a Tax Administration Report on December 2020 (Better Coordination Could Improve IRS’s Use of Third-Party Information Reporting to
- Foodman website and JD Supra
How is your Organization’s Performance with Respect to Fraud?
US Regulations including the Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley Act and Anti-Bribery legislation require that Management in a business have a zero tolerance for fraud and have an Audit Committee in place that will establish the procedures for receipt
- Foodman website and JD Supra
El IRS está en una Misión de Reducir la Brecha Fiscal
La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS considera este número
- Foodman website and JD Supra
Las Agencias Solicitan Información para Ayudar con el Cumplimiento de las Leyes y Regulaciones del BSA
El 9 de abril de 2021, las agencias reguladoras bancarias federales (la Reserva Federal, “FDIC” y “OCC”) junto con FinCEN y la Administración Nacional de Cooperativas de Crédito emitieron una declaración conjunta que aborda cómo los principios de gestión de
- Foodman website and JD Supra
IRS Global High Wealth Group is a Tool to Reduce the Tax Gap
In its April 28, 2021 Press Release (the “Release”) “Investing in the IRS and Improving Tax Compliance”, the US Department of the Treasury addresses available enforcement activities relating to reducing the U.S. Tax Gap; estimated to reach approximately $7 Trillion
- Foodman website and JD Supra
High-Income Individuals and Corporate Tax Returns are Targets of IRS Additional Funding Program
The 2022 discretionary funding request (request) made by the Biden Administration will invest in a “fair and robust” tax system that includes tax compliance enforcement directed at High Income and High Net Worth Individuals and Corporations. The funding program request
- Foodman website and JD Supra
IRS Examination Functions Have Shifted
The commentary in A Closer Look: Impacting the Tax Gap by IRS Commissioner Chuck Rettig discusses how the IRS has shifted its examination focus to tax returns that include high income taxpayers, pass-through entities, multinational taxpayers involving international tax issues,
- Foodman website and JD Supra
IRS is on a Mission is to Reduce the Tax Gap
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
Out of Compliance Taxpayers Beware of The J5
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
Agencies Request Information to Assist with BSA/AML Laws and Regulations Compliance
On April 9, 2021, the federal banking regulatory agencies (the Federal Reserve, FDIC and OCC) together with FinCEN and the National Credit Union Administration issued a joint statement addressing how risk management principles described in the Supervisory Guidance on Model
- Foodman website and JD Supra
Many Taxpayers Realize That This is the Right Time to Think About Financial Planning
Professional service providers including CPAs, Attorneys, Life Insurance Agents, Bankers, Brokers, Investment Advisors and Certified Financial Planners often are viewed a Taxpayer’s financial planning “trusted advisors”. Effective Financial Planning ought to embrace all the “financial” aspects of an Individual’s life
- Foodman website and JD Supra
Operation Hidden Treasure is NOT a Treasure for Crypto Holders
On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation
- Foodman website and JD Supra
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