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FinCEN Director Gacki Encourages Transparency in the U.S. Financial System During International Anti-Money Laundering Conference

Immediate Release March 20, 2024 MIAMI—Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki joined public and private sector financial industry leaders this week at the Financial and International Business Association’s (FIBA) annual anti-money laundering conference to discuss regulatory expectations and best practices to prevent financial crimes. Director Gacki participated in a fireside chat during which […]

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Reminders When Filing Form 1042-S

Source: IRS, Issue Number:  2024-06 With filing season underway, below are some reminders to help withholding agents avoid common errors that may result in underwithholding and incorrect reporting. CODESUse only income, status, exemption, and limitation of benefits codes specifically listed in Instructions for Form 1042-S for the tax year in which you are reporting. The appropriate two-digit […]

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IRS: Take care when choosing a tax return professional

Source: IRS Issue Number:    IR-2024-31 WASHINGTON –The Internal Revenue Service today reminded taxpayers that carefully choosing a tax professional to prepare a tax return is vital to ensuring that their personal and financial information is safe and secure and treated with care. Most tax return preparers provide honest, high-quality service. But some may cause harm […]

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Taxpayers should continue to report all cryptocurrency, digital asset income

Source: IRS IR-2024-18 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question 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. The question appears at the top of Forms 1040, Individual […]

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U.S. Beneficial Ownership Information Registry Now Accepting Reports

Immediate Release January 01, 2024 Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or Registration WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, […]

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New clean vehicle credit, previously-owned vehicle credit and qualified commercial clean vehicles credit frequently asked questions

Source: IRS Bolded and underlined by Zaher Fallahi, Tax Attorney, PA Background The Inflation Reduction Act of 2022 (IRA) made several changes to the tax credit provided in § 30D of the Internal Revenue Code (Code) for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the § 30D tax credit (new […]

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Businesses can file Form 1099 series information returns for free

IRS: Tax Tip 2023-126 Business taxpayers can file electronically any Form 1099 series information returns for free with the IRS Information Returns Intake System (IRIS). IRIS accepts 1099 series forms for tax year 2022 and after. IRIS is available to any business of any size. It’s secure and accurate and it requires no special software. It also reduces […]

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CI issues red flags, tips to avoid falling victim to pig butchering schemes during International Fraud Awareness Week

Source: CI-IRS November 13, 2023 WASHINGTON — It’s human nature. People want company, and online romances have blossomed as more people use dating applications and social media to build relationships. While the hope is to live happily ever after, IRS Criminal Investigation (CI) special agents are seeing pig butchering schemes pop up across the globe. […]

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Financial Crimes Enforcement Network (FinCEN), Treasury. Final rule on beneficial ownership information

SUMMARY: FinCEN is amending the beneficial ownership information (BOI) reporting rule (the “Reporting Rule”) to extend the filing deadline for certain BOI reports. Under the Reporting Rule prior to this amendment, entities created or registered on or after the rule’s effective date of January 1, 2024, had to file initial BOI reports with FinCEN within […]

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Improper Employee Retention Credit claims

Source: IRSThe IRS has seen a high volume of incorrect and improper Employee Retention Credit claims and continues warning taxpayers about them. The ERC, sometimes also called the Employee Retention Tax Credit or ERTC, is a pandemic-related credit for which only certain employers qualify. The credit is not available to individual employees. Scam promoters are luring […]