Social Media Tax Advice? Could be bad news!
On 3/20/23, the IRS launched its 2023 “Dirty Dozen” list with new warnings each day about common scams taxpayers (individuals and business) should avoid. Some items on the Dirty Dozen list are new, and some make a return visit. The Dirty Dozen is intended to alert taxpayers and the tax professional community about various scams […]
High Income Filers are “Schematized” by Fraudsters
On 3/31/23, the IRS continued the release of its 2023 annual “Dirty Dozen” List – this time geared towards high income filers by presenting abusive arrangements that involve Charitable Remainder Annuity Trusts and Monetized Installment Sales. These tools can be misused by promoters, who can advertise these schemes to attract high income filers. “The IRS […]
Crypto Asset Related Activities Assessed by the FDIC
On 4/5/23, the FDIC released its 2023 Spring Consumer Compliance Supervisory Highlights. The purpose of the Supervisory highlights is to provide an overview of consumer compliance issues identified through the FDIC’s supervision of state non-member banks and thrifts in 2022. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the […]
Phishing and Smishing IRS Warnings
On 3/21/23, day two of the annual Dirty Dozen tax scams campaign, the IRS issued a Phishing and Smishing warning to taxpayers to remain vigilant against email and text scams aimed at tricking taxpayers about refunds or tax issues. The Phishing and Smishing alert appeared on the IRS 2022 Dirty Dozen as well which includes […]
FinCEN BOI Guidance
On 3/24/23, FinCEN issued its first set of guidance materials to aid the public in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. BOI refers to identifying information about the individuals who directly or indirectly own or control a company. BOI reporting information reporting will be done directly to […]
Foreign Digital Asset Accounts to be Reported
The Biden’s Administration 2024 Revenue Proposal includes US taxpayer reporting requirements for foreign digital asset accounts. The proposal would be effective for returns required to be filed after December 31, 2023. Tax compliance and enforcement with respect to digital assets continues to be a growing problem for the US Government given that the digital asset […]
Extension to file taxes does not equal extension to pay taxes
Need more time to prepare your federal tax return? Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes as per IRS’s Tax Tip 2023-30. If a taxpayer owes taxes, […]
Check Fraud FinCEN Alert
On February 27, 2023, FinCEN issued (in close collaboration with the United States Postal Inspection Service) an Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail. Despite the declining use of checks in the United States, Criminals have been increasingly targeting the U.S. Mail and United States Postal Service mail […]
The BOSS and FinCEN
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 registered to do business in the United States to report information about their beneficial ownership. […]
Dirty Dozen 2023
On April 5, 2023, the IRS wrapped up its Dirty Dozen 2023 list – earlier than the release of the Dirty Dozen 2022 list which was published on June 10, 2022. According to the IRS, the Dirty Dozen represents the worst of the worst tax scams. The Dirty Dozen is a list that is compiled […]
2022 Tax Return Reminders
On 3/1/23, the IRS published a Tax Time Reminder to all Taxpayers to report all income; gig economy and service industry, digital or foreign assets and sources. IRS is seeking to ensure that taxpayers understand their reporting and potential tax obligations and file an accurate 2022 tax return. Taxpayers ought to remember that most income […]
IRS Passport Program Continues
The IRS had suspended certain collection activities including passport certification in response to the COVID-19 pandemic; however, since 2021, the IRS resumed its passport certification process to the U.S. Department of State. The IRS passport program is a “collection tool” and taxpayers that are seriously behind on their taxes ought to pay what they owe […]
