Tag Archives: Fiduciary Responsibility

Hurricane Impacted Financial Institutions Tell FinCEN If BSA Reports Delayed


FINRA Reporting by Hurricane Impacted Financial Institutions
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Posted in bank secrecy act, Bankruptcy, Board of Directors, CEO, CFO, Compliance, Director Liability, Internal Controls, Officers, Tax, Uncategorized | Tagged , , , , , , , , , , , , | Leave a comment

Take Your Preventive Medicine


Better planning and management can head off most but not all problems. Sometimes stuff happens even when you do everything right. Either way, better management usually minimizes the damage and makes it easier to clean up the mess. It’s never … Continue reading

Posted in Bankruptcy, Board of Directors, CEO, CFO, Compliance, Cyber, D&O, Data Security, Director Liability, E&O, Employee Benefits, Employment, ESOP, Fiduciary Responsibility, Fraud, Health Plans, Internal Controls, Labor Relations, Leadership, M&A, Officers, Officers Liability, Performance Management, Privacy, Reductions In Force, Reengineering, Retirement Plans, Risk Management, Shareholder Liability, Stock Plans, Tax, Teaming, Turnaround Management, Workforce Management | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

IRS Guidance On Section 1446 Withholding Tax On Foreign Individual Partners Released


The Internal Revenue Service is publish a clarifying correction to fix potentially misleading information in its final regulations for reporting and withholding of foreign income by foreign financial institutions for 2014. As corrected, the correction with provide, “With respect to … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | Leave a comment

J.P. Morgan Chase Hit For $461M For Madoff-Related Bank Secrecy Act Violations


The Financial Crimes Enforcement Network (FinCEN)  today fined J.P. Morgan Chase Bank, N.A. $461 million for willfully violating the Bank Secrecy Act (BSA) by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent investment … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

IRS Shares Procedures To Seek Tax-Exemption Reinstatement For Non-Filers


Tax-exempt organizations that fail to file required returns on a timely basis risk losing their tax exemption under Section 6033(j) of the Internal Revenue Code (Code). Revenue Procedure 2014-11 provides potential opportunities for reinstatement through timely and appropriate action.  It … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , , , | Leave a comment

IRS Reminds Financial Institutions About Foreign Account Reporting Requirements


Financial institutions creating accounts and entering registration information on the Internal Revenue Service (IRS) FATCA registration website about certain steps that they will need to take on or after January 1, 2014 — as originally announced in IRS Notice 2013-43. Announcement 2014-1 reminds financial institutions to act to meet the requirements and also provides general information concerning anticipated publication dates of final qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust agreements (WT). Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , | Leave a comment

Health Care Reform Adds New Cost Implications To Already Hot Worker Misclassification Risks


Businesses using non-employee workers should heed the recently announced expansion of the Internal Revenue Service (IRS) Voluntary Classification VCS Program (VCS Program) as yet another warning to clean up their worker classification practices and defenses for all workers performing services … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | 1 Comment