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 […]
IRS Business Audit
IRS is focused on Businesses since the passage of the Inflation Reduction Act. Under the Strategic Operating Plan (funded by the Inflation Reduction Act), the IRS is increasing audit rates, expanding enforcement and targeting non-compliance for business taxpayers. IRS compliance efforts are geared towards having the IRS compliance teams better detect tax cheating, identify emerging […]
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 […]
High Income High Wealth Taxpayers Pursued by IRS
On 5/4/24, the U.S. Department of the Treasury and the IRS outlined the accomplishments achieved in the first year of implementation of the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act (IRA) resources. Part of the IRS Strategic Operating Plan includes an expanded focus on the High Income High […]
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 […]
Mail From the IRS
For the most part, Taxpayers do not want to receive mail from the IRS or open mail from the IRS. This is why IRS issued Tax Tip 2024-45 on May 6, 2024 to let taxpayers know what taxpayers should do if they receive mail from the IRS. Receiving mail from the IRS can be worrisome […]
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 […]
Offer in Compromise: Opportunity to Solve Tax Debt
IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in compromise which is a program that could provide an opportunity to eligible taxpayers to solve their tax debt with the IRS […]
