Internal Audit & Corporate IT Risks

In today’s environment, companies of all sizes face a myriad of risks and threats. More and more, the most pressing risks that companies face are related to technology. To protect against these risks, management is relying more heavily on the internal audit function to ensure the risks are identified and

Read More

Three Lines of Defense for Better Risk Management

Effective internal controls help organizations manage risks and processes in a systematic and effective way. The internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) helps many organizations manage risks. However, one potential improvement would be to more strongly establish responsibilities for the specific duties

Read More

Foreign Bank and Financial Account Reporting due June 30th

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly on FinCEN 114, Report

Read More

Delinquent Offshore Income Reporting Made Easier

The IRS recently made additional changes to the Streamlined Domestic Offshore Procedures to make it easier for U.S. individual taxpayers to come into compliance with international income reporting. Like other iterations of the program, these changes are designed for individuals whose failure to comply with the regulations was non-willful. The

Read More

Mexican Tax Reform

In late 2013, the Mexican Congress approved the final version of the 2014 tax reform bill. This bill represents a significant change in terms of when and how taxes are paid for individuals living in and companies with operations in Mexico. A key reason for the reform was the need

Read More