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 […]
Taxpayers Abroad are Underserved and Challenged
The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate has prioritized compliance challenges for taxpayers abroad in its FY 2025 Objectives Report to Congress. The Taxpayer Advocate Service (TAS) is an […]
FinCEN BOI FAQs 7/24/24
On 7/24/24, FinCEN updated its BOI FAQs page to include one new question 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 7/24/24. FinCEN continues to provide further directive and information via the FinCEN BOI FAQs web page. […]
FinCEN Notice to Customers
“FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information” is the message that FinCEN released on 7/26/24. The FinCEN Notice to Customers is intended to facilitate communication between Financial Institutions and customers regarding Beneficial Ownership Information (BOI) requirements. The FinCEN Notice to Customers states […]
Digital Assets Broker Reporting
On 6/28/24, the U.S. Treasury and the IRS issued final regulations with an effective date of 9/9/24 requiring custodial brokers to report sales and exchanges of digital assets beginning in calendar year 2025. Meaning, information reporting and the determination of amount realized and basis for digital asset sales and exchanges. Digital Assets Broker Reporting means […]
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 […]
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 […]
