Tax Filing Reminders & Corporate Transparency Act Update

The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS.  This additional requirement will require additional planning with your attorney or legal counsel.

Corporate Transparency Act Update: BOI Reporting Back in Effect

The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS.  This additional requirement will require additional planning with your attorney or legal counsel.

New Beneficial Ownership Information Reporting

The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS.  This additional requirement will require additional planning with your attorney or legal counsel.

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IRS Issues Proposed Regulations on Reporting by Brokers for Sales and Exchanges of Digital Assets

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On August 25, 2023, the IRS issued proposed regulations that would require brokers to report sales and exchanges of digital assets by customers, a move that is intended to make digital asset tax reporting similar to the tax reporting required for other financial assets.