If you’re charitably inclined and you itemize deductions, you may be entitled to deduct your charitable donations. The key word here is “may” because there are certain requirements and limitations your donations must meet....more
In a rare unanimous opinion, the U.S. Supreme Court recently confirmed that existing law allows the IRS to probe your bank records, without ever notifying you. Under the applicable statute, the Court concluded the IRS is not...more
The U.S. Supreme Court rules that the IRS does not need to provide notice to innocent bank account holders when the summonses are issued in aid of collection of a delinquent taxpayer’s tax assessment. ...more
Bank records are of particular interest and importance to forensic accountants and receivers, as they reflect an entity’s actual financial history. In fact, bank records can tell a powerful story. ...more
The Consumer Financial Protection Bureau (CFPB) released an advanced notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. The ANPR is another step towards the CFPB’s...more
On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing. The field hearing would appear to...more
On May 6, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (DFS) will soon begin examining financial institutions for their cybersecurity preparedness. Governor Cuomo stated that,...more