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Coming Clean: The Benefits and Limits of the Tax Division's New Corporate Voluntary Self-Disclosure Policy

Sannicandro, Lawrence A ; Gironda, Thomas ; Zug, Jamie M

Journal of Tax Practice & Procedure, 2023-06, Vol.25 (2), p.25-32

Riverwoods: CCH, Inc

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  • Título:
    Coming Clean: The Benefits and Limits of the Tax Division's New Corporate Voluntary Self-Disclosure Policy
  • Autor: Sannicandro, Lawrence A ; Gironda, Thomas ; Zug, Jamie M
  • Assuntos: Access to information ; Compliance ; Cooperation ; Coronavirus Aid Relief & Economic Security Act 2020-US ; Coronaviruses ; Corporations ; COVID-19 ; Crime ; Criminal investigations ; Data analysis ; Departments ; Disclosure ; Employees ; Ethical aspects ; Financial disclosure ; Financial statements ; Fraud ; Government agencies ; Law enforcement ; Memoranda ; Money laundering ; Payroll costs ; Small business loans ; Tax administration and procedure ; Whistleblowing
  • É parte de: Journal of Tax Practice & Procedure, 2023-06, Vol.25 (2), p.25-32
  • Descrição: The 2023 Policy Statement concerns corporate crime, a top priority of the Justice Department.13 Corporate crime, or organizational crime, is a type of white-collar crime that is committed by an individual within their legitimate occupations, typically for the benefit of their employing organizations.14 Corporate crime covers a broad range of violations of the law, including but not limited to tax fraud15; corporate, securities, commodities, health care (including coronavirus disease 2019 (COVID-19)), bank, Paycheck Protection Program, wire, mail, and access device fraud (collectively, "nontax corporate fraud")16; money laundering17; Bank Secrecy Act violations18; misrepresentation in companies' financial statements; bid rigging; price fixing; manipulation of markets (including stock markets); embezzlement and misapplication of funds; direct and indirect bribery of public officials to secure favorable contracts and legislation; possession and distribution of counterfeit items19; and environmental pollution. For one, the Justice Department increasingly collaborates with the IRS, U.S. Securities and Exchange Commission ("SEC"), U.S. Environmental Protection Agency ("EPA"), Federal Bureau of Investigation, Financial Crimes Enforcement Network ("FinCEN"), U.S. Department of Labor, and other government departments and agencies to share information regarding potential criminal activity, including nontax corporate fraud, money laundering, and additional alleged corporate crimes.20 The staff of these and other departments and agencies monitor and enforce compliance with the rules and regulations within their area of responsibility, making it easier to identify and investigate (or to refer for investigation) questionable criminal conduct. [...]of these changes, it may be that cooperation plays an even greater role in the detection of corporate crime. [...]of these technological advances, the Justice Department updated its guidance on evaluation of compliance programs in 2020 to place an emphasis on compliance metrics and data analytics being readily available for compliance personnel to effectively monitor for potential criminal activity.26 To be sure, the government can use data analytics, AI, and algorithms to determine which companies' KPIs are outside of a normalized "acceptable" range and then focus its enforcement efforts on companies outside of that acceptable range.
  • Editor: Riverwoods: CCH, Inc
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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