Crypto

Crypto Value Decline Not Equal to Crypto Tax Deduction

January 2023

Given that we are in full swing of tax season, many taxpayers are exploring the possibility of claiming a crypto tax deduction over their “devalued” crypto assets.  Taxpayers ought to refer to the IRS Chief Counsel Advice Memorandum Number: 202302011

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digital assets image activos digitales

Beware of Digital Asset Scams

January 2023

Digital asset scams can occur in different ways through several different avenues. Although the  ways and the avenues differ, the end result is always the same:  there is a scammer that is trying to appropriate the consumer’s funds via the

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digital assets image activos digitales

Digital Assets 2022 Form 1040 Question Checklist

January 2023

Form 1040 2022 changes the crypto terminology from “virtual currency” to “digital assets”.  The purpose of the change in terminology could be interpreted as a “head up” to taxpayers that the IRS is looking more closely as well as an

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2022 1040 digital assets 2022 taxes

Filing 2022 Taxes: Best to Get Ready Now

January 2023

Taxpayers ought to start getting ready to file 2022 taxes.  Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those individuals who haven’t

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banking organization organizaciones bancarias

Regulators Warn Banking Organizations Dealing with Crypto

January 2023

On 1/3/23, Regulatory Agencies;  including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation  and the Office of the Comptroller issued a Joint Statement on Crypto-Asset Risks to Banking Organizations.  The Regulatory Agencies want to

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fatca

Model 1 FFIs get FATCA Temporary Reporting Relief

January 2023

On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn, the Model

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2022 1040 digital assets 2022 taxes

Digital Assets 2022 US Tax Form Instructions

December 2022

In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax forms.  On

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casinos

When are Casinos Financial Institutions?

November 2022

According to the IRS and FinCEN,  Casinos licensed to do business as casinos and which have gross annual gaming revenues in excess of $1,000,000 are Financial Institutions subject to the requirements of the Bank Secrecy Act, which is known as

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IRS-CI

IRS-CI Expands Partnerships with Foreign Counterparts

November 2022

On 11/3/22, IRS-CI (IRS Criminal Investigation) released it FY2022 Annual Report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes, and important partnerships. During its Fiscal Year 2022, which began Oct. 1,

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FATCA FFI temporary relief

Sponsoring Entities under IRS FATCA scrutiny

November 2022

On 10/11/22, the IRS issued Notice Number 2022-05:  FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities.  The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities registered in the FATCA Registration System. A Sponsored Entity

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crypto-asset activities

Crypto-Asset Activities Not Paired with Regulation

November 2022

The U.S. Department of the Treasury through its Financial Stability Oversight Council issued a press release presenting its Report on Digital Assets Financial Stability Risk and Regulation on 10/3/22 highlighting how crypto-asset activities could pose risks to the stability of

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beneficial ownership

Beneficial Ownership under FinCEN’s Final Rule

November 2022

On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The Final Rule will require most corporations, limited liability companies, and other entities created in or

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