FinCen BOI BOI de FinCEN

FinCEN BOI FAQs Updated Once Again

January 2024

On 12/12/23, FinCEN BOI FAQs were updated to include twenty-one new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance, and enforcement, FinCEN identifiers, and third-party service providers.  FinCEN BOI FAQs have

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IRS collection notice Avisos de cobros

IRS Collection Notices to Re-Start in 2024

January 2024

On 12/19/23, the IRS announced the restart of  IRS collection notices as well as a new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent  an automated IRS collection notice reminder during the Covid-19

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books and records libros y registros

Adequate Books and Records Often Overlooked!

January 2024

Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records and “that that every person liable for any tax imposed by the Code, or for the collection thereof, must keep such records, render such statements, make such

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taxes owed impuestos adeudados

Taxes Owed But NOT Fully Paid? IRS charging 8%.

December 2023

On 8/25/23, the IRS announced that Interest rates increase for the fourth quarter 2023 would increase to 8% per year for the calendar quarter beginning 10/1/23 for taxes owed but not fully paid by individual taxpayers (“underpayments”).  The 8% interest

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Holiday scams estafas navidenas

Holiday Scams propelled by Artificial Intelligence

December 2023

On 11/22/23, the U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection office released an advisory providing tips  to consumers  to avoid becoming the victim of cyber or online holiday scams. The rise of Artificial Intelligence has

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FinCEN Guide FinCEN Guía Identificador FinCEN

The FinCEN Identifier

December 2023

On September 29, 2023, FinCEN updated the FAQs regarding Beneficial Ownership Information (BOI) Reporting, including guidance on the FinCEN identifier.   The FinCEN’s BOI FAQs work in tandem with the FinCEN’s BOI Small Business Guide that was released on 9/18/23 to

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substantial control control substancial

“Substantial Control” under the CTA

December 2023

FinCEN’s Small Entity Compliance Guide published 9/18/23 defines a beneficial owner as any individual who, directly or indirectly: exercises substantial control over a reporting company or owns or controls at least 25 percent of the ownership interests of a reporting

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export control control de exportaciones

Export Control FinCEN Red Flags

November 2023

On 11/6/23, the Department of Commerce’s Bureau of Industry and Security (BIS) and FinCEN issued a joint notice regarding export control evasion highlighting a new Suspicious Activity Report key term (“FIN-2023-GLOBALEXPORT”) for financial institutions to reference when reporting potential efforts

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terrorist financing financiamiento del terrorismo

Terrorist Financing FinCEN Red Flags

November 2023

On 10/20/23, Terrorist Financing Red Flags were issued by FinCEN to assist financial institutions in identifying funding streams for the terrorist organization Hamas in response to Hamas’s terrorist attack on the people of Israel.  FinCEN is urging financial institutions including

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tax gap Brecha Fiscal

The Tax Gap Increased to $688 Billion in Tax Year 2021

November 2023

On 10/12/23 announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for tax

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accountants and lawyers contadores y abogados

Accountants or Lawyers May Have Reporting Requirements under the CTA

November 2023

On 9/18/23, FinCEN published the Small Entity Compliance Guide for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA) and simultaneously updated the FAQs regarding CTA compliance under FinCEN’s BOI FAQs. Professional Service Providers such as accountants or

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fake charities scam estafa organizaciones beneficas

Fake Charities Scam Warning

November 2023

On 10/23/23, the IRS issued a warning to taxpayers regarding Fake Charities scams and how unsuspecting donors may actually be contributing to fake charities and not be able to deduct donations on their tax returns despite the taxpayers response to

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