FinCEN BOI FAQs 7/8/24
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 beneficial ownership information; including updating the FinCEN BOI FAQs 7/8/24. FinCEN continues to provide further directive and information via the FinCEN BOI FAQs web page. […]
AML/CFT FinCEN Proposed Rule
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 National Credit Union Administration published an AML/CFT proposed rule. The purpose of the AML/CFT FinCEN Proposed Rule is to strengthen and modernize financial institutions’ AML/CFT […]
Mediation with the IRS
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 mediation with the IRS can be a more collaborative and cost-effective approach to case resolution. Mediation is also known as Alternative Dispute Resolution and on […]
AI RFI issued by U.S. Treasury
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 nineteen questions that are geared towards the U.S. Treasury gaining insights of AI and the financial services sector. Via the AI RFI, the U.S. Treasury […]
IRS Voluntary Disclosure Practice
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 to the IRS Voluntary Disclosure Practice. The IRS Voluntary Disclosure Practice is a compliance option only available to taxpayers that have willfully failed to comply […]
FinCEN BOI FAQs 6/10/24
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 the FinCEN BOI FAQs 6/10/24. FinCEN continues to provide further directive and information via the FinCEN BOI FAQs web page. This is why it is […]
IRS Business Audit
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, expanding enforcement and targeting non-compliance for business taxpayers. IRS compliance efforts are geared towards having the IRS compliance teams better detect tax cheating, identify emerging […]
1099-DA Could Come 2025
On 4/19/24, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The IRS states that: “This early draft release reflects the notice of proposed rulemaking that appeared in the Federal Register on August 29, 2023. This early draft release may change based on decisions made in response to comments received […]
CTA Fraud Alert from FinCEN
FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act (CTA). Scammers are on the hunt to steal sensitive and private information from individuals and entities who may be subject to reporting requirements under the CTA. The scams under the […]
High Income High Wealth Taxpayers Pursued by IRS
On 5/4/24, the U.S. Department of the Treasury and the IRS outlined the accomplishments achieved in the first year of implementation of the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act (IRA) resources. Part of the IRS Strategic Operating Plan includes an expanded focus on the High Income High […]
OFAC RPPR Interim Final Rule
On 05/08/2024, OFAC amended and issued an interim final rule on the Reporting, Procedures and Penalties Regulations (RPPR) which sets forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC. The OFAC RPPR interim final rule requires electronic filing of certain submissions to OFAC […]
Trusts and the CTA
On April 18, 2024, FinCEN updated FAQs that address Trusts and the CTA (Corporate Transparency Act). Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or carry out a charitable purpose. A trust is an entity created and governed under the state law in which it […]
