Form Instructions 706 for Detroit Michigan 2024-2025

Form Instructions 706 for Detroit Michigan: What You Should Know

The review revealed that the DC is not complying with provisions of the Bank Secrecy Act and that a number of the procedures used could be misused to facilitate tax evasion. Because the DC has not received the necessary training regarding the tax treatment of certain transactions involving the financial institution of which the taxpayer was an officer or director (i.e., those transactions that the taxpayer is required to report under section 6103 of the Bank Secrecy Act and reporting of which the Treasury Inspector General for Tax Administration has recommended that the DC be trained), the DC is not in compliance with the bank secrecy law. In addition, it has not adequately demonstrated its processes to verify the effectiveness of its risk assessment and financial control systems to prevent tax evasion. Although the DC did complete several reports that have been provided to the DC by its own employees regarding the effectiveness of these controls, the DC has not undertaken any additional review of these reports or the information contained therein as required by the bank secrecy law. Additionally, the DC has not conducted any training sessions with its employees that includes, for example, specific steps to verify the effectiveness of its controls in the event such training is completed. Due to the DC's inability to demonstrate to the Treasury Inspector General for Tax Administration the effectiveness of its processes to prevent tax evasion, the DC will not be able to continue to meet the requirements of sections 4102 and 4103 of the Bank Secrecy Act. Additionally, the DC will be in violation of section 6103(i) of the Bank Secrecy Act, which requires the DC to verify the identity, social security number, and tax year of each individual it accounts for, and to report and collect amounts due under section 6103(a) of the Bank Secrecy Act to the Taxpayer Identification Number (TIN) issued by the Department of the Treasury. Finally, since the DC has failed to demonstrate such effectiveness, the DC will not meet the requirements of sections 4102 and 4203 of the Bank Secrecy Act, which require that the DC maintain adequate financial safeguards. If the DC does not take corrective action within two years of this response, it will be subject to penalties under the Bank Secrecy Act. I am writing this request pursuant to Section 6103(b) of the Internal Revenue Code, 28 U.S.C. § 5103(b), and Treasury Regulations section 1.131-4(f)(2), regarding your failure to identify and report the ownership or possession of illegal drug proceeds.

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