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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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)
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
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
- Foodman Website and JD Supra
“Substantial Control” under the CTA
FinCEN’s Small Entity Compliance Guide published 9/18/23 defines a beneficial owner as any individual who, directly or indirectly: exercises substantial control over a reporting company or owns or controls at least 25 percent of the ownership interests of a reporting
- Foodman Website and JD Supra
Export Control FinCEN Red Flags
On 11/6/23, the Department of Commerce’s Bureau of Industry and Security (BIS) and FinCEN issued a joint notice regarding export control evasion highlighting a new Suspicious Activity Report key term (“FIN-2023-GLOBALEXPORT”) for financial institutions to reference when reporting potential efforts
- Foodman Website and JD Supra
Search
Services
Related Articles
-
El Fraude es el Delito Número Uno en el Lavado de Dinero
Blog | March 2024En febrero de 2024, el Tesoro de
-
Fraud is the Number One Crime in Money Laundering
Blog | March 2024On February 2024, the U.S. Treasury released
-
Cuidado con las Estafas de Activos Digitales
Blog | January 2023Las estafas de activos digitales pueden ocurrir
-
-
El Fraude Ocupacional es el Delito Financiero más Común
Blog | November 2022"El fraude ocupacional es muy probablemente la