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CHANGES TO FINCEN CTR & SAR REPORTING - TODAY!
COMPLIANCE ALERT 2012! REGISTER TODAY!
RESORT ADVANTAGE CAN SAVE YOU TIME AND MONEY!
UPCOMING ONLINE WEBINAR
TITLE 31 BLOG
REQUEST A DEMO
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| UPCOMING ONLINE E-FILING WEBINAR FOR SMALLER CASINOS |
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TITLE 31 ACCELERATOR ONLINE! WEBINAR
February 8, 2012
1:30pm - 2:15pm (EST)
(10:30am - 11:15am PST)
From historical transaction and FinCEN form filing history, to internal legacy system Title 31 reportable transaction upload capabilities, to electronic filing and acknowledgement of FinCEN form submissions, Title 31 Accelerator Online! will provide your Compliance and Internal Audit staff with all of the tools necessary to successfully navigate the Title 31 compliance process.
This 45 minute presentation will cover the following agenda:
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Title 31 Accelerator Suite
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Title 31 Accelerator Online! Capabilities Overview
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Title 31 Accelerator Online! Walkthrough
Register today to learn more about how Title 31 Accelerator Online! can quickly get your property into a proven Title 31 compliance management environment.
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| TITLE 31 BLOG |
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Be sure to check out the Title 31 Compliance Blog site, your Title 31 compliance resource on the Internet for the Gaming Industry!
Click below for the Title 31 Blog
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| REQUEST A DEMO |
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To request more information, product literature, or to schedule a demo, contact us at 800-317-5475 or click on the link below.
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CONTACT US
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Resort Advantage
26622 Woodward Ave.
Suite 105
Royal Oak, MI 48067
p: 800.317.5475
f: 248.828.8227
info@resort-advantage.com
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SPONSORED BY
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| FINCEN CTR & SAR REPORTING - TODAY! |
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By Jim Dowling
FinCEN recently released its first "Annual Report" which takes a look at the 2011 year in review from a financial fraud perspective. One of the key areas highlighted in this report is the upcoming e-filing requirements by all financial institutions. In 2010, approximately 83% of all BSA forms were filed electronically. In 2011, that percentage had increased to 87%. FinCEN recently mandated that financial institutions e-file all BSA forms by June 30, 2012 and after e-filing, you will need to use the new generic SAR and CTR forms. In December, FinCEN extended the deadline for the use of the new forms until March 31, 2013, but they did not extend the deadline for e-filing the old forms. By extending the period for use of the new forms, FinCEN is allowing financial institutions more time to work through their IT issues regarding these new forms. Although not publicly disclosed, FinCEN was also having difficulty with the new forms themselves.
If your casino has not already started an e-filing implementation plan, you better make that your top priority. E-filing is simple, quick, provides good record keeping and yes, it saves money. It is not without issues though. When we conduct the Independent Testing of a casino's Title 31 program, we frequently find input errors and incorrect information. The problem with e-filing is that the program does not allow for a review or QC process in the document. If your casino is filing a lot of BSA forms, I would strongly suggest that you consider investing in a software package that assists you in the preparation of these forms and also allows for document review BEFORE submission. It is time consuming to amend BSA forms and could lead to regulatory action if there are too many errors.
So what are these new forms? Up until now each industry has had its own Suspicious Activity Report (e.g. SAR-C for casinos; SAR-DI for depository institutions, SAR- MSB for Money Service Businesses) with specific sections on the form unique to that industry. On the other hand, there were only two types of CTRs; the CTR-C for casinos and the CTR for everyone else. Under the new regulations, there will be only one SAR form and one CTR form. Creating these forms will be no easy task. The only thing more difficult may be filling them out, but time will tell.
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| COMPLIANCE ALERT 2012! REGISTER TODAY! |
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2012 FinCen and IRS Reporting Requirements - What You Will Need
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Webinar Series - Part 1
Cost : FREE
December 8, 2011
11:00 am - 12:00 pm PST
(2:00 pm - 3:00 pm EST)
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At this webinar, attendees will learn about the new FinCEN and IRS compliance reporting requirements for 2012, what the key deadline dates are, and how they will impact the regulatory procedures/controls within your four key areas of casino compliance operations:
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Persons Doing Business At The Property
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Forms Management / Electronic Submission
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Reporting / Auditing
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Staff Regulatory Knowledge
Specific topics of discussion during this webinar will include:
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Changes to the SAR-C and CTR-C Form
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Electronic form submission requirements and alternatives for meeting the requirement
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Technical requirements
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Use of on-premise transaction data (e.g. bills-in, etc.)
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New IRS penalties - Form 1042-S incorrect or late filings
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IRS doubling penalties for incorrect or late filings on all other forms
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Employee regulatory training impact
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Creating a realistic timeline to comply
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| RESORT ADVANTAGE CAN SAVE YOU TIME AND MONEY! |
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As you prepare for your January activities surrounding year-end IRS compliance processing (i.e. forms, submittals, etc.), we want to make you aware of several exciting new services offered by RA that can help you save time, reduce costs, minimize risk, and enhance your patrons' experience with your property.
1) Bulk TIN / OFAC / DML Checking - RA can check your entire patron and/or vendor master file that resides in your casino management system or casino accounting system.
2) IRS Forms Printing / Submission - Using Convey's Taxport hosted IRS filing solution, RA can retrieve 2011 W-2G, 1099M, and 1042s from your casino management system or casino accounting system and scrub the data prior to submitting it to the IRS.
3) IRS Forms Printing and Mailing - Using the transactions that you have posted to your Taxport account, Convey can handle the complete outsourcing of printing and mailing, including postage.
4) IRS Forms eStatement Delivery - Convey provides a secure web portal dedicated to your patrons, available within your property website, that offers self-service IRS forms capabilities to your patrons.
5) Vendor Master File Cleanup - Convey can help you scrub your vendor master file by performing a TIN match, an entity name verification, and entity address verification.
Contact us today to learn more about how we can bring these services to your property!
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