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 […]
FDIC Risk Review 2023 adds Crypto
On 8/14/23, the FDIC Risk Review 2023 was published. The FDIC Risk Review 2023 report summarizes conditions in the U.S. economy, financial markets, and banking industry. The report provides a comprehensive summary of key developments and risks in the U.S. banking system and includes a new section focused on crypto-asset risk. The report focuses on […]
OECD CARF and CRS
On 6/8/23, after conducting the first comprehensive review of the CRS in consultation with participating jurisdictions, financial institutions, and other stakeholders, the OECD released the International Standards for Automatic Exchange of Information in Tax Matters CRYPTO‑ASSET REPORTING FRAMEWORK (CARF) AND 2023 UPDATE TO THE COMMON REPORTING STANDARD). This resulted in two outcomes: a new tax […]
Digital Asset Contractors Sought by IRS
On 6/23/23, the IRS issued a Request for Information (RFI) though its Enterprise Digital Asset Initiative Project Office (DAIPO) “specifically seeking to improve the use of data and technology to identify and address digital assets noncompliance”. The RFI is another indication that the IRS continues to invest in digital asset compliance that includes digital asset […]
Bribery: Avoid the FCPA and the IRS!
The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose of obtaining or retaining business. Moreover, it prohibits individuals and businesses from knowingly falsifying books and records, thereby circumventing or failing to implement a system of internal […]
PEPs and Financial Institutions
Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs” within their customer base. PEPs are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past governmental position of influence. Financial Institutions include the immediate family and close associates in the […]
