High Net Worth Individuals get Warning from IRS
On 4/10/24, as part of its Dirty Dozen Campaign for 2024, the IRS issued a warning to High Net Worth Individuals regarding three tax traps designed for them by dishonest promoters and shady tax practitioners. High Net Worth individuals continue
- Foodman Website and JD Supra
Is it a Hobby or Business?
Taxpayers may be faced with the question: “Is it a hobby or business?” The IRS states that: “sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and
- Foodman Website and JD Supra
Employee Retention Credit part of the IRS Dirty Dozen
On 3/29/24, the IRS continued the release of the Dirty Dozen scams for 2024 with a warning to businesses and others to stay clear from promoters and marketers that stir ineligible business to submit incorrect Employee Retention Credit claims. The
- Foodman Website and JD Supra
Passport Revocation or Denial continues
On 1/1/24, the IRS updated its Passport Revocation or Denial Page in cases of certain unpaid taxes. Section 7345 of the Internal Revenue Code requires the U.S. Department of the Treasury to notify the U.S. Department of State if a
- Foodman Website and JD Supra
All Sources of Income Must be Reported on Tax Return
On 3/6/24, the IRS released a reminder to all taxpayers that all sources of income must be reported on their tax return. The IRS is paying close attention to all sources of income derived from digital asset transactions, the gig
- Foodman Website and JD Supra
Corporate Jets and the IRS
On 2/21/24, the IRS announced that it will begin auditing corporate jet usage as part of its larger effort to ensure high-income groups “don’t fly under the radar” on tax responsibilities. IRS Commissioner Danny Werfel stated that: “Personal use of
- Foodman Website and JD Supra
Fraud is the Number One Crime in Money Laundering
On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek to launder funds. The Assessment aims to:
- Foodman Website and JD Supra
High-Income Taxpayers Beware that IRS Actions Escalate if Tax Returns Aren’t Filed
On 2/29/24, the IRS announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The mailings include more than 25,000 to those with more than $1
- Foodman Website and JD Supra
FATF Key Actions February 2024
On 2/23/24, the Financial Action Task Force (FATF), an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering, terrorist financing and financing of weapons of mass destruction and considered to be the global
- Foodman Website and JD Supra
BOI Access & Safeguards
On 2/20/23, FinCEN published the Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements. The (six-pages and four sections) BOI Access & Safeguards Guide provides an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access
- Foodman Website and JD Supra
AML/CFT coming to Investment Advisers
On 2/15/24, FinCEN published a Notice of Proposed Rulemaking (NPRM) that would require certain investment advisers to apply AML/CFT requirements pursuant to the Bank Secrecy Act, including implementing risk-based AML/CFT programs, reporting suspicious activity to FinCEN, and fulfilling recordkeeping requirements.
- Foodman Website and JD Supra
Real Estate Report from FinCEN
On February 07, 2024, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. FinCEN is seeking to require certain professionals involved in the closing or
- Foodman Website and JD Supra
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