The BOSS and FinCEN
On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The Final Rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial ownership. […]
Dirty Dozen 2023
On April 5, 2023, the IRS wrapped up its Dirty Dozen 2023 list – earlier than the release of the Dirty Dozen 2022 list which was published on June 10, 2022. According to the IRS, the Dirty Dozen represents the worst of the worst tax scams. The Dirty Dozen is a list that is compiled […]
2022 Tax Return Reminders
On 3/1/23, the IRS published a Tax Time Reminder to all Taxpayers to report all income; gig economy and service industry, digital or foreign assets and sources. IRS is seeking to ensure that taxpayers understand their reporting and potential tax obligations and file an accurate 2022 tax return. Taxpayers ought to remember that most income […]
IRS Passport Program Continues
The IRS had suspended certain collection activities including passport certification in response to the COVID-19 pandemic; however, since 2021, the IRS resumed its passport certification process to the U.S. Department of State. The IRS passport program is a “collection tool” and taxpayers that are seriously behind on their taxes ought to pay what they owe […]
What does the warning regulators gave banks regarding Crypto mean to you?
In January 2023, regulatory agencies; including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller issued a Joint Statement on Crypto-Asset Risks to Banking Organizations. The warning asks the banking system to do everything in its power to avoid having the risks related to […]
Crypto Value Decline Not Equal to Crypto Tax Deduction
Given that we are in full swing of tax season, many taxpayers are exploring the possibility of claiming a crypto tax deduction over their “devalued” crypto assets. Taxpayers ought to refer to the IRS Chief Counsel Advice Memorandum Number: 202302011 dated 1/13/2023 for clarity. The Memorandum responds to non-taxpayer specific advice regarding the applicability of […]
Digital Assets 2022 Form 1040 Question Checklist
Form 1040 2022 changes the crypto terminology from “virtual currency” to “digital assets”. The purpose of the change in terminology could be interpreted as a “head up” to taxpayers that the IRS is looking more closely as well as an intention to provide more clarity. That said, taxpayers ought to treat the expanded terminology or […]
Filing 2022 Taxes: Best to Get Ready Now
Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those individuals who haven’t managed their records. A good record-keeping system year-round can make filing 2022 taxes easier by […]
Regulators Warn Banking Organizations Dealing with Crypto
On 1/3/23, Regulatory Agencies; including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller issued a Joint Statement on Crypto-Asset Risks to Banking Organizations. The Regulatory Agencies want to ensure that Banking Organizations understand that the risks related to the crypto-asset sector that cannot […]
Model 1 FFIs get FATCA Temporary Reporting Relief
On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn, the Model 1 FFIs will provide information that the IRS can analyze to determine why these TINs […]
Digital Assets 2022 US Tax Form Instructions
In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax forms. On 9/1/22, the IRS posted Form 1040 2022 Draft. Form 1040 is the U.S. Individual Income […]
When are Casinos Financial Institutions?
According to the IRS and FinCEN, Casinos licensed to do business as casinos and which have gross annual gaming revenues in excess of $1,000,000 are Financial Institutions subject to the requirements of the Bank Secrecy Act, which is known as Title 31. As a result, Casinos are subject to the Bank Secrecy Act and are […]
