Tax Year 2025 IRS Inflation Adjustments
On 10/22/24, the IRS released the annual inflation adjustments for tax year 2025 that will impact taxpayers when they file their 2025 returns in 2026. Following are the main items for tax year 2025: Standard Deductions Marginal Rates Alternative Minimum Tax Exemption Amounts Earned Income Tax Credit For qualifying taxpayers who have three or more […]
TD Bank gets $1.3 Billion Penalty from FinCEN
On 10/10/24, FinCEN assessed a record $1.3 billion penalty against TD Bank for BSA violations. This unprecedented penalty should function as a cautionary message and a warning to all financial institutions. All financial institutions should critically evaluate whether they have developed and sustained a well-structured BSA/AML and CFT compliance program. The risk assessment process of […]
BOI FAQs 10/3/24
On 10/3/24, FinCEN published twenty five (25) new updates to the BOI FAQ webpage. The BOI FAQs 10/3/24 address: access to BOI reports, third party service providers, entity conversion, identifications, community property and exemptions. FinCEN’s last update to the BOI FAQ webpage was on 9/10/24. Business owners ought to understand the importance of keeping up […]
An ITIN is Not Valid Identification Outside the Federal Tax System
An ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the IRS to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security Numbers (SSNs). ITINs are issued regardless of immigration status because both resident and nonresident aliens may have a U.S. filing […]
Hurricane Helene and Milton IRS Relief
On 10/11/24, the IRS announced that it is ready to provide tax assistance for taxpayers affected by Hurricane Helene and Milton that devastated Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Tennessee and Virginia. Assistance applies to individuals and businesses. IRS the tax-related assistance for taxpayers that need to recover from Hurricane […]
Pig Butchering Crypto Scams Rising
Pig Butchering Crypto Scams are scams which resemble the practice of fattening a hog before slaughter. “Victims invest in supposedly legitimate virtual currency investment opportunities before they are conned out of their money. Scammers refer to victims as “pigs,” and may leverage fictitious identities, the guise of potential relationships, and elaborate storylines to “fatten up” […]
Mail Theft-Check Fraud
Back 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. Then, on 9/9/24, FinCEN issued a Financial Trend Analysis related to mail theft-check fraud incidents based on Bank Secrecy Act (BSA) data filed […]
BOI Reporting Companies Get More FinCEN Clarification
On 9/10/24, FinCEN updated its BOI FAQs page by adding four new FAQs that provide more clarity to BOI Reporting Companies. The new FAQ’s address the areas of companies that cease to exist, foreign companies that stop doing business in the U.S. and beneficial owners. The last FinCEN update to BOI FAQs was on 7/24/24. […]
Are Crowdfunding Monies Taxable?
On August 2024, the IRS, for the third time in two years, reminded taxpayers that crowdfunding monies may be taxable. Due to the popularity of crowdfunding monies raised online, the IRS issued News regarding how money raised through crowdfunding may be taxable via its First Notice as a Fact Sheet on March 2022 (FS-2022-20) and […]
Investment Adviser Sector and FinCEN
FinCEN seeks to safeguard the investment adviser sector from illicit finance as evidenced by the issuance of the Final Investment Adviser Rule on 8/28/24 with a compliance date of 1/1/26. The investment adviser sector final rule seeks to “address the current uneven application of AML/CFT requirements across the investment adviser sector, which creates illicit finance […]
Residential Real Estate and FinCEN
FinCEN seeks to safeguard residential real estate as evidenced by the issuance of the Final Residential Real Estate Rule issued 8/28/24 and taking effect on 12/1/25. The Final Rule requires “certain” industry professionals to report information (via the “Real Estate Report”) on non- financed transfers (cash sales) to FinCEN given that residential real estate has […]
FinCEN Final New Rules Close Loopholes in U.S. Financial System
On August 28, 2024, FinCEN Final New Rules were published that address vulnerabilities in the U.S. financial system and are part of an on going effort to combat illicit finance and protect U.S. national security, as well as closing loopholes in sectors that facilitate corruption, fraud and narcotrafficking. FinCEN Final New Rules are two rules […]
