Stanley Foodman

April 27, 2022 | Daily Business Review

Crypto investors have lost crypto currency as a result of criminal activities that include theft, scams, misappropriation and insider fraud. If you are a victim of crypto fraud, you may need a forensic accountant to assist you in the recovery of cryptocurrency assets.

By Stanley Foodman

5 minute read

June 11, 2021 | Daily Business Review

In addition to the risk of IRS investigations accompanied by related additional income tax, financial penalties, interest and the possibility of incarceration (however remote), there is a danger of income tax noncompliance (whether at the federal or state level) being exposed during legal adversarial proceedings that can lead to investigation referrals by federal and local courts.

By Stanley Foodman

5 minute read

December 22, 2020 | Daily Business Review

Given that the Biden administration could implement tax reform and that there is still a possibility of additional COVID-19 legislation, taxpayers may want to consider these things before the end of 2020.

By Stanley Foodman

6 minute read

December 15, 2020 | Daily Business Review

The FinCEN files pose the questions of why did these organizations continued to do business as usual with these entities and individuals, and if the BSA/AML obligations just end with the filing of a SAR?

By Stanley Foodman

5 minute read

December 09, 2019 | Daily Business Review

The United States is known in other jurisdictions as a tax haven and a place of choice for foreign investors. This is partly because laws in the states of Delaware, Wyoming and Nevada that protect the identity of the ultimate beneficial owner (UBO) have historically protected anonymity.

By Stanley Foodman

6 minute read

January 07, 2019 | Daily Business Review

The IRS ability to deny or revoke the passports of taxpayers with “seriously delinquent tax debt” is a serious problem currently being encountered by U.S. taxpayers.

By Stanley Foodman

5 minute read

August 30, 2018 | Daily Business Review

In Florida, the Court of Appeals for the Eleventh Circuit held that IRS summonses to a bank, with respect to a law firm's escrow and trust bank account records, were proper.

By Stanley Foodman

5 minute read

March 21, 2018 | Daily Business Review

Many taxpayers jumped into virtual currency investing during 2017. They might now be asking themselves: Will the IRS know if I made money with Bitcoin (or other virtual currencies)? Do I have to report my gains or losses? Are virtual currency transactions reportable? Yes, Yes and Yes.

By Stanley Foodman

5 minute read

November 29, 2017 | Daily Business Review

CPAs are exposed to numerous financial records and transactions and can be a significant line of defense against crime. While performing audit engagements, they may be first to discover evidence of illicit acts, activity or fraud.

By Stanley Foodman

14 minute read

August 22, 2017 | Daily Business Review

An IRS agent may criminally or civilly investigate a taxpayer for under-reporting income, overstating deductions or not reporting certain income. According to the Internal Revenue Manual (IRM), the IRS uses the methods of proof outlined in part nine of the IRM to evaluate the situation and proceed in a civil or criminal tax investigation case, writes Stanley Foodman.

By Commentary by Stanley Foodman

4 minute read