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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corporate crime crimen corporativo

Corporate Crime at the Forefront of the DOJ

November 2022

On September 15, 2022, Department of Justice (DOJ) Deputy Attorney General Lisa Monaco delivered  remarks on Corporate Criminal Enforcement at the NYU Program on Corporate Compliance and Enforcement and announced new guidance for the DOJ’s corporate enforcement policies.  The new

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whistleblower

IRS Whistleblower Program – Exposing Tax Law Violations

November 2022

The IRS Whistleblower Program helps boost the “fair and effective enforcement of our nation’s tax laws and the success of our voluntary tax system.” The IRS Whistleblower Program is dependent on people who become aware of tax fraud and tax

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digital assets image activos digitales

White House follows up with Digital Assets Priorities Identified in Executive Order

November 2022

President Biden’s Executive Order (EO) on Ensuring Responsible Development of Digital Assets was signed on 3/9/22 acknowledging how the rise in digital assets creates an opportunity to reinforce the leadership of the U.S. in the global financial system as well

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2022 tax

Form 1040 2022 Draft: IRS Changes Crypto Question

November 2022

On 9/1/22, the IRS posted Form 1040 2022 Draft.  Form 1040 is the U.S. Individual Income Tax Return and since tax year 2019, Form 1040 has been asking taxpayers about their virtual currency doings on the front page.  Form 1040

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fatca

The FATCA Loophole will bring more Enforcement Action

November 2022

After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a  FATCA loophole that allows banks offshore to accept

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irs scams

Avoid IRS Scams – What IRS Will Do and Not Do

November 2022

IRS scams are a big concern for the Agency and taxpayers.  Scammers are impersonating the IRS either by phone, email or in person costing thousands of people millions of dollars.  Scammers use the regular mail, telephone, or email to set

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identity theft

Identity Theft and the CPA

November 2022

On 8/16/22As part of the IRS Security Summit, the IRS presented steps that tax professionals can recommend to help their clients battle identity theft risk.  The IRS Security summit is comprised of tax professionals including the IRS, state tax agencies,

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crowdfunding image

IRS Issues Another Crowdfunding Reminder

October 2022

Due to the popularity of crowdfunding as a venue to raise money online, for the second time in 2022, the IRS has issued News regarding how money raised through crowdfunding may be taxable.  The first notice was issued by the

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FDIC

FDIC Crypto Protection? No way!

August 2022

On 7/29/22, the FDIC published a Crypto Advisory: “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” due to its concern regarding the confusion that consumers have regarding Crypto assets “offered by, through, or in connection with

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