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 […]
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 […]
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 […]
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 […]
HOAs are Reporting Companies under the CTA
On 4/18/24, FinCEN updated its Beneficial Ownership Reporting FAQs and included for the first time information regarding HOAs (Home Owners Associations). FinCEN confirms in this update that HOAs are reporting companies under the Corporate Transparency Act (CTA) and are subject to BOI (Beneficial Ownership Information) reporting requirements if they are entities created by filing of […]
Access to BOI: FinCEN Phased Approach
On 4/18/24, FinCEN updated its FAQ Section and added a new section titled “Access to BOI Information”. This new section addresses the phased approach from FinCEN to providing access to BOI – beneficial ownership information – as FinCEN is not currently accepting requests for access to BOI. FinCEN states that it will provide further guidance […]
Dirty Dozen 2024
On 4/11/24, the IRS concluded the release of the Dirty Dozen 2024. The Dirty Dozen is an annual taxpayer awareness campaign which began in 2002 listing twelve scams and schemes that place taxpayers, businesses, and the tax professional community at risk of losing money, personal information, data and more. The Dirty Dozen 2024 is an […]
Tax Strategies and Schemes to Avoid Taxes at IRS Forefront
On 4/11/24, the IRS wrapped up its 2024 Dirty Dozen List with a “warning to taxpayers regarding promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes altogether”. Tax strategies and schemes to avoid taxes remain a high priority for the IRS. “Taxpayers should be wary of anything that seeks […]
