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Hi, Friend. Here are your Articles for February 28, 2007.
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 Each year the Internal Revenue Service identifies 12 of the most blatant tax scams affecting American tax payers, warning tax payers not to fall for too-good-to-be-true schemes. This year the “Dirty Dozen” highlights five new scams that IRS auditors and criminal investigators have uncovered. Topping off the list are fraudulent refunds being claimed in connection with the special Telephone Excise Tax Refund available to most taxpayers this filing season. Read on for the listing of this year's top scams and information on how to avoid them. |
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 Doing business internationally is no longer such a foreign concept; or at least it shouldn't be. With 95% of the world's consumers living outside of the U.S., a business only selling domestically is only reaching a small share of its potential customers. While roadblocks do come up, many countries are taking action to make international exchange a smooth process. A year ago, China announced its plans to align its accounting system with International Accounting Standards. Read on to learn more about China's convergence to IAS. |
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 The Bank Secrecy Act (BSA), originally passed in 1970, requires the filing of reports for cash transactions greater than $10,000 and the recording of cash sales of monetary instruments greater than $3,000. Designed to help prevent and detect money laundering, additional regulations passed in the late 1980’s and early 1990’s expected financial institutions to monitor, detect and report to the US Treasury any suspected money laundering via suspicious activity reports. The Post 9/11 era led to another significant change by requiring customer identification procedures and enhanced due diligence procedures of banking customers. The compliance requirements for financial institutions have changed dramatically. Read on for more details on what every financial institution needs to know. |
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.
The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document’s written tax advice for that purpose. This document’s tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional’s advice regarding the user/recipient’s particular circumstances.
The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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