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The US Department of the Treasury Financial Crimes Enforcement Network (FinCen) announced on May 11, 2016, that it is issuing final rules under the Bank Secrecy Act to "clarify and strengthen customer due diligence (CDD) requirements for: Banks; brokers or...
The Panama Papers leak has led President Obama to urge Congress to take action now against corruption and illegal financial activity. This recent, large-scale information leak has made it impossible for the government to ignore the less positive aspect of shell...
On the heels of the most recent development in the Uber worker classification dispute, the Internal Revenue Service has put together a free webinar about the differences between Employee and Independent Contractor worker classifications. Join the agency on May 12,...
The Internal Revenue Service announced in its most recent e-newsletter that it will begin accepting applications for between 600 and 700 new revenue agents, revenue officers, tax compliance officers, and tax examiners starting Monday, May 9, 2016. Most...
If you have offshore assets that are not yet properly disclosed, you should consider contacting an attorney immediately for assistance, before a civil or criminal investigation begins. On April 3, 2016, the International Consortium of Investigative Journalists (ICIJ),...
The US Supreme Court issued its decision in Franchise Tax Bd. of California v. Hyatt on April 19, 2016, affirming the jurisdiction of the Nevada courts but limiting the damages it could award against the California tax agency. This decision lays to rest a case in...
Not surprisingly, a recent declaratory action has challenged South Dakota's bold move to require many out-of-state sellers to register with the state and begin collecting sales tax (previously discussed here). American Catalog Mailers Associations and NetChoice v....
The death of music icon Prince on April 21, 2016, presents an example for estates of all sizes of the privacy an estate plan can provide. Last week, Prince's sister, Tyka Nelson, filed a petition with the Carver County, Minnesota probate court stating Prince did not...
On April 28, 2016, the House Ways and Means Committee voted to pass a trio of bills affecting taxpayer information. One bill requires the IRS to notify victims of identity theft and also imposes new penalties on identity thieves; another bill limits the...
The California Franchise Tax Board (FTB) has delayed the tax refund process for at least 16,000 state taxpayers in order to complete extra identity verification steps to prevent refund fraud and identity theft. The FTB is sending letters to some...
