The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the
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On 7/24/24, FinCEN updated its BOI FAQs page to include one new question and one new update. FinCEN states that it will continue to provide guidance on how to submit
“FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information” is the message that FinCEN released on 7/26/24. The FinCEN
On 7/16/24, the IRS warned taxpayers and tax professionals how email scams continue to aim to trick taxpayers by stealing sensitive tax and financial information. This information consists of passwords,
On 6/28/24, the U.S. Treasury and the IRS issued final regulations with an effective date of 9/9/24 requiring custodial brokers to report sales and exchanges of digital assets beginning in
On 7/8/24, FinCEN updated its BOI FAQs page to include three new questions and one new update. FinCEN states that it will continue to provide guidance on how to submit
On 6/29/24, FinCEN, in consultation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the
On 6/20/24, the IRS issued Tax Tip 2024-59 to alert taxpayers that mediation with the IRS can assist taxpayers to solve their tax issues early and effectively. IRS states that
On 6/6/24, the U.S. Treasury issued a Request for Information (RFI) for the uses, opportunities, and risks of Artificial Intelligence (AI) in the Financial Services Sector. The AI RFI presents
Taxpayers that have willfully failed to comply with tax or tax-related obligations may be able to resolve their non-compliance and limit their exposure to criminal prosecution by filing an application
On 6/10/24, FinCEN updated its FAQs page to include seven new updates. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating
IRS is focused on Businesses since the passage of the Inflation Reduction Act. Under the Strategic Operating Plan (funded by the Inflation Reduction Act), the IRS is increasing audit rates,
