Art Donation Scheme Warning from IRS
On 10/5/23, the IRS issued a warning and offered tips to all taxpayers, including, High-Net-Worth taxpayers (high income filers) to be on the lookout for promotions that promise art donation deductions that are a tax scheme. Although there are legitimate ways that taxpayers can claim donations of art, there are unscrupulous promoters may use direct […]
OFAC Suspends Certain Venezuela Sanctions
On 10/18/23, OFAC provided issued sanctions relief to Venezuela entities in the following sectors: oil and gas, state-owned gold mining company and Venezuelan sovereign bonds and PdVSA (Petróleos de Venezuela, S.A.) debt and equity. OFAC cautioned that it is prepared to revoke these authorizations, if appropriate, to support US foreign policy and national security priorities. […]
FinCEN BOI Small Business Guide
On September 18, 2023, the FinCEN BOI Small Business Guide was released to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule that starts January 1, 2024. The purpose of the FinCEN 56-page BOI Guide is to help small businesses understand the description of each of the BOI reporting […]
Understanding Trusts so You are not mislead by the word “Trust”
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 was formed. A trust involves the creation of a fiduciary relationship between a grantor, a trustee, […]
New IRS Compliance Efforts
On 9/823, the IRS announced new compliance efforts that will focus on increasing scrutiny on high-income taxpayers, partnerships, corporations and promoters abusing tax rules on the books by using Artificial Intelligence and improved technology to identify sophisticated schemes to avoid taxes. The new IRS compliance efforts are geared towards having the IRS compliance teams better […]
FinCEN’s Pig Butchering Alert
On 9/8/23, FinCEN issued an alert on a prevalent Virtual Currency Investment Scam commonly known as “Pig Butchering”. FinCEN’s Pig Butchering alert addresses “Pig butchering” 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 […]
Compliance Note from BIS, DOJ & OFAC
On 07/26/2023, the U.S. Department of Justice (DOJ), the U.S. Department of Commerce’s Bureau of Industry and Security (BIS), and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), issued a Tri-Seal Compliance Note: Voluntary Self-Disclosure of Potential Violations. The Compliance Note focuses on the voluntary self-disclosure policies that apply to U.S. […]
FedNow is live!
On 7/20/ 23, the Board of Governors of the Federal Reserve system announced the launch of the FedNow Service. FedNow is a new instant payment infrastructure developed by the Federal Reserve that is available to depository institutions in the United States and enables individuals and businesses to send instant payments through their depository institution accounts. […]
Data Theft Warning Signs from IRS
IRS Awareness Campaign for the Summer 2023 focuses on data theft signs and the importance of staying alert against new and ongoing threats of tax-related identity in order to protect the taxpayer and the tax professional. Identity thieves are in a constant hunt for client tax information in order to complete their data theft crimes. […]
Identity Theft Do’s and Don’ts to Protect Yourself
The IRS concluded its special summer series with important reminders to tax professionals and taxpayers to protect themselves against Identity theft. The reminders for tax professionals and taxpayers to reduce identity theft risk are: Be cautious of email attachments and web links. Do not open a link or attachment that arrives unexpectedly. Many scammers can […]
IRS Relief for Certain Late-Filed International Documents
On 8/11/23, the IRS announced that under the right circumstances, international taxpayers will be able to use a new, fully electronic tool to submit penalty IRS relief requests for a few late-filed forms: a fax (855-582-4842). For now, the new fax option applies to just three types of filings: gain recognition agreements, dual consolidated losses, […]
IRS Digital Assets Proposed Regulations
On 8/29/23, the IRS issued a Notice of Proposed Rulemaking and Notice of Public Hearing for Digital Assets Proposed Regulations. The IRS Digital Assets Proposed Regulations address information reporting, the determination of amount realized and basis, and backup withholding, for certain digital asset sales and exchanges by requiring brokers, digital asset trading platforms, digital asset […]
