Digital Assets 2023 Form 1040
On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns for Digital Assets in 2022. The 1040 2023 Instructions […]
2023 Taxes: Best to Get Ready Now
Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow tax refunds. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to […]
Reporting Company gets clarity on FinCEN FAQ 1/12/24 update
On 1/12/24, FinCEN once again updated FAQs relating to the Beneficial Ownership Information (BOI) Reporting Rule by adding ten new FAQs. On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 […]
BOI Authorized Recipients
On 12/21/23, FinCEN issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule aims to ensure that: (1) only BOI authorized recipients have access to BOI; (2) BOI authorized recipients use that access only for purposes permitted by the CTA; and (3) BOI […]
Beneficial Owner Exceptions under BOI Reporting
The FinCEN BOI Small Business Guide was originally released on 9/18/23 and subsequently updated on December 2023 as Version 1.1. The purpose of the Guide is to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule that starts January 1, 2024. The Guide provides an explanation regarding who is […]
BOI FAQs from FinCEN updated January 2024
On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 BOI FAQs includes eight questions versus the 12/12/23 update which included twenty-one questions. BOI FAQs from the FinCEN 1/12/24 update are: […]
FinCEN BOI FAQs Updated Once Again
On 12/12/23, FinCEN BOI FAQs were updated to include twenty-one new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance, and enforcement, FinCEN identifiers, and third-party service providers. FinCEN BOI FAQs have been updated since March 24, 2023, when FinCEN issued its first set of guidance materials […]
IRS Collection Notices to Re-Start in 2024
On 12/19/23, the IRS announced the restart of IRS collection notices as well as a new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent an automated IRS collection notice reminder during the Covid-19 pandemic. The IRS will be providing about $1 billion in penalty relief for five million […]
Adequate Books and Records Often Overlooked!
Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records and “that that every person liable for any tax imposed by the Code, or for the collection thereof, must keep such records, render such statements, make such returns, and comply with such rules and regulations”. Adequate Books and Records or Well-Organized Records […]
Taxes Owed But NOT Fully Paid? IRS charging 8%.
On 8/25/23, the IRS announced that Interest rates increase for the fourth quarter 2023 would increase to 8% per year for the calendar quarter beginning 10/1/23 for taxes owed but not fully paid by individual taxpayers (“underpayments”). The 8% interest rate is up from 3% in December 2021 – a 167% increase for taxes owed […]
Holiday Scams propelled by Artificial Intelligence
On 11/22/23, the U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection office released an advisory providing tips to consumers to avoid becoming the victim of cyber or online holiday scams. The rise of Artificial Intelligence has allowed cybercriminals to automate malicious phishing attacks via holiday scams. The advisory states that: “As […]
The FinCEN Identifier
On September 29, 2023, FinCEN updated the FAQs regarding Beneficial Ownership Information (BOI) Reporting, including guidance on the FinCEN identifier. The FinCEN’s BOI FAQs work in tandem with the FinCEN’s BOI Small Business Guide that was released on 9/18/23 to assist the small business community in complying with BOI reporting rule that starts January 1, […]
