AML/CFT coming to Investment Advisers
On 2/15/24, FinCEN published a Notice of Proposed Rulemaking (NPRM) that would require certain investment advisers to apply AML/CFT requirements pursuant to the Bank Secrecy Act, including implementing risk-based AML/CFT programs, reporting suspicious activity to FinCEN, and fulfilling recordkeeping requirements. FinCEN’s view is that investment advisers are at risk of abuse by money launderers, corrupt […]
Real Estate Report from FinCEN
On February 07, 2024, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. FinCEN is seeking to require certain professionals involved in the closing or settlement of residential real estate transfers to report information to FinCEN about certain non-financed sales […]
Form 1099-K 2023 IRS Clarification
On 2/6/24, the IRS released new and updated FAQs regarding Form 1099-K 2023 given that on November 21, 2023 (via Notice 2023-74) the IRS announced that calendar year 2023 would also be a transition year for third party settlement organizations (TPSOs). This means that the IRS again delayed the effective date of the $600 threshold […]
Is Your 2023 Tax Preparer Asking You the Right Questions?
Tax season is here and on 2/1/24, the IRS reminded Taxpayers to choose a 2023 Tax Preparer carefully when preparing their 2023 Taxes. Taxpayers are ultimately legally responsible for all the information on their income tax return, regardless of who prepares it. A tax preparer can have different levels of skills, education and expertise and […]
BOI Compliance/Enforcement for Reporting Companies
Reporting companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Reporting Companies have a significant obligation to understand and comply with the BOI reporting rule and file the Beneficial Ownership Information Report(s) (BOIR). There are serious fines and penalties […]
Digital Assets 2023 Form 1040
On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns for Digital Assets in 2022. The 1040 2023 Instructions […]
2023 Taxes: Best to Get Ready Now
Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow tax refunds. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to […]
Reporting Company gets clarity on FinCEN FAQ 1/12/24 update
On 1/12/24, FinCEN once again updated FAQs relating to the Beneficial Ownership Information (BOI) Reporting Rule by adding ten new FAQs. On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 […]
BOI Authorized Recipients
On 12/21/23, FinCEN issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule aims to ensure that: (1) only BOI authorized recipients have access to BOI; (2) BOI authorized recipients use that access only for purposes permitted by the CTA; and (3) BOI […]
Beneficial Owner Exceptions under BOI Reporting
The FinCEN BOI Small Business Guide was originally released on 9/18/23 and subsequently updated on December 2023 as Version 1.1. The purpose of the Guide is to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule that starts January 1, 2024. The Guide provides an explanation regarding who is […]
BOI FAQs from FinCEN updated January 2024
On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 BOI FAQs includes eight questions versus the 12/12/23 update which included twenty-one questions. BOI FAQs from the FinCEN 1/12/24 update are: […]
FinCEN BOI FAQs Updated Once Again
On 12/12/23, FinCEN BOI FAQs were updated to include twenty-one new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance, and enforcement, FinCEN identifiers, and third-party service providers. FinCEN BOI FAQs have been updated since March 24, 2023, when FinCEN issued its first set of guidance materials […]
