What risks are associated with a lack of due diligence during a business acquisition, asset purchase, stock purchase, or merger? How can due diligence make or break the success of any mergers and acquisitions transaction? ...more
The United States Fifth Circuit Court of Appeals lifted the injunction imposed by a U.S. District Court in Texas on December 23, 2024. As a result, January 13, 2025 is the new deadline for FinCEN’s BOI Report for the vast...more
12/27/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays ,
Time Extensions
Why is the end of the year a good time to consider trust and estate planning for business owners? Do you own real property or have other investments outside your business interests? Have you given any thought to what would...more
12/19/2024
/ Asset Management ,
Beneficiaries ,
Business Ownership ,
Business Strategies ,
Business Succession ,
Creditors ,
Estate Planning ,
Investment ,
Life Insurance ,
Privacy Laws ,
Probate ,
Real Estate Investments ,
Revocable Trusts ,
Tax Planning ,
Trusts ,
Wills
Internal Revenue Service Criminal Investigation (IRS-CI) recently released its Fiscal Year 2024 (FY24) Annual Report, providing insight into the types of crimes the agency is focused upon, as well as the first criminal...more
12/18/2024
/ Annual Reports ,
Artificial Intelligence ,
Compliance ,
Criminal Convictions ,
Criminal Investigations ,
Crypto Exchanges ,
Cryptocurrency ,
Cyber Crimes ,
Data Processing Rules ,
Digital Assets ,
IRS ,
Law Enforcement ,
Money Laundering ,
Popular ,
Settlement ,
Tax Evasion
There is important news regarding the Beneficial Owners Interest (BOI) report based upon a recent District Court decision in Texas. In the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478,...more
12/12/2024
/ Appeals ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Deadlines ,
Department of Justice (DOJ) ,
Financial Reporting ,
FinCEN ,
Popular ,
Preliminary Injunctions ,
Texas ,
Unconstitutional Condition
Hopefully, by now, you’ve become aware of the Beneficial Ownership Information Form, commonly referred to as the BOI Form or BOI Report. The Financial Crimes Enforcement Network (FinCEN) finalized rules for this report late...more
12/5/2024
/ Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Filing Deadlines ,
Final Rules ,
FinCEN ,
Government Agencies ,
Law Enforcement ,
Limited Liability Partnerships ,
Limited Partnerships ,
Noncompliance ,
Penalties ,
Reporting Requirements ,
SBA ,
Trusts
What is willful blindness according to the IRS? How is this important in tax cases involving unreported or under-reported income, disclosure of offshore assets and income, FinCEN Form 114 (more commonly referred to as an...more
11/27/2024
/ Compliance ,
Duty to Report ,
FBAR ,
Filing Requirements ,
FinCEN ,
Income Taxes ,
Investigations ,
IRS ,
Reporting Requirements ,
Tax Audits ,
Tax Avoidance ,
Tax Evasion ,
Tax Penalties ,
Tax Returns ,
Transparency ,
Voluntary Disclosure ,
Willful Blindness ,
Willful Misconduct
Are you above the age of 50? Do you and/or your spouse have a 401(k)? Are you interested in reducing the amount you will have to pay in 2025 income taxes while increasing the amount of money you receive after retirement?...more
11/25/2024
/ 401k ,
Adjusted Gross Income ,
Employee Benefits ,
Employee Contributions ,
Income Taxes ,
Investment ,
IRS ,
Retirement Plan ,
Tax Credits ,
Tax Incentives ,
Tax Planning
We are often asked how to prepare for an IRS audit. The first and most important thing to know is that speaking directly with the IRS is not in your best interest. IRS Revenue Officers (auditors) are skilled interrogators....more
11/22/2024
/ Algorithms ,
Attorney-Client Privilege ,
Audits ,
CPAs ,
Financial Adviser ,
Interrogations ,
IRS ,
Statute of Limitations ,
Tax Avoidance ,
Tax Credits ,
Tax Deductions ,
Tax Revenues
Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in...more
11/20/2024
/ Amended Tax Returns ,
Artificial Intelligence ,
Attorney-Client Privilege ,
Audits ,
Compliance ,
Constitutional Safeguards ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
FBAR ,
Fees ,
FinCEN ,
Fines ,
Foreign Financial Institutions (FFI) ,
Immunity ,
Income Taxes ,
Investigations ,
IRS ,
Offshore Funds ,
Penalties ,
Tax Evasion ,
Transparency ,
Voluntary Disclosure ,
Willful Misconduct
It's human nature to take the "if it ain't broke, don't fix it" attitude, which extends to allowing areas of your business to evolve and develop without scrutiny. This is why tuning up your business is an essential part of...more
11/20/2024
/ Accounting ,
Business Advice ,
Business Development ,
Business Income ,
Business Operations ,
Business Strategies ,
Compliance ,
Corporate Governance ,
Corporate Veil ,
Creditors ,
Data Collection ,
Decision-Making Process ,
Investors ,
Legal Advice ,
Liability ,
Limited Liability Company (LLC) ,
Reporting Requirements ,
Shareholders ,
Small Business ,
Supply Chain ,
Tax Planning ,
Vendors
Integrative legal, tax, accounting, and business advisory services are more critical than ever as we address the challenging environment of continuous change. Seek change; wherever you find it, opportunity will exist....more
11/15/2024
/ Accounting ,
Affordable Care Act ,
Alternative Minimum Tax ,
Business Advice ,
Business Development ,
Business Ownership ,
Business Strategies ,
Corporate Taxes ,
Deregulation ,
Foreign Policy ,
Tariffs ,
Tax Cuts and Jobs Act ,
Tax Reform ,
United States-Mexico-Canada Agreement (USMCA)
Is a new wave of U.S. expatriate income tax refund applications on the table? The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be...more
11/14/2024
/ Appeals ,
Applications ,
Double Taxation ,
Expatriates ,
Foreign Tax Credits ,
France ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Net Investment Income ,
NIIT ,
Tax Liability ,
Tax Refunds ,
Tax Treaty
Have you come across the surprising IRS tax bracket changes for 2025? Yesterday, the IRS released the 2025 income tax brackets for U.S. taxpayers. The inflation adjustments to tax brackets were a pandemic-boosted 7% for...more
What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development?
Here is the short answer: If you...more
10/22/2024
/ Audits ,
Brokers ,
Cryptocurrency ,
Digital Assets ,
Financial Records ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investigations ,
Investors ,
IRS ,
Penalties ,
Popular ,
Reporting Requirements ,
Safe Harbors ,
Tax Evasion ,
Trading Platforms ,
U.S. Treasury
The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025. What do...more
10/21/2024
/ Brokers ,
Cryptocurrency ,
Digital Assets ,
Foreign Financial Institutions (FFI) ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment ,
Investors ,
IRS ,
New Regulations ,
Non-Fungible Tokens (NFTs) ,
Reporting Requirements ,
Tax Evasion ,
U.S. Treasury
What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a...more
10/15/2024
/ Audits ,
Compliance ,
Cryptocurrency ,
Disclosure Requirements ,
Filing Requirements ,
Income Taxes ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Funds ,
Penalties ,
Voluntary Disclosure
The IRS extension deadline is in one week, Tuesday, October 15, 2024. This is the last date for most U.S. taxpayers with extensions to file their 2023 federal income tax return without incurring late filing fees and other...more
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
9/27/2024
/ Alternative Minimum Tax ,
Beneficiaries ,
Estate Planning ,
Estate-Tax Exemption ,
Grantors ,
Healthcare ,
Irrevocable Trusts ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Trusts
What is the statute of limitations for an IRS audit? What rules extend the window for an IRS audit?
How long does the IRS usually have to complete an audit of your taxes? Everyone may have a little fear in the back of...more
9/25/2024
/ Audits ,
Capital Gains Tax ,
Compliance ,
Fees ,
Filing Requirements ,
FinCEN ,
IRS ,
Liability ,
Statute of Limitations ,
Tax Penalties ,
Tax Returns
What is the immediate importance of estate planning and why should any parent, business owner, homeowner, or those nearing retirement be focused on this issue? Why do most people delay one of the most critical financial and...more
9/24/2024
/ Asset Protection ,
Beneficiaries ,
Estate Planning ,
Executors ,
Long-Term Care ,
Probate ,
Retirement ,
Revocable Trusts ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Wills
The due diligence of an asset purchase is quite often given less priority and attention than it should (read: must) warrant. An asset purchase transaction is often quite complex financially and legally. The buyer agrees to...more
What are fractional CFO services? What types of organizations should consider fractional CFO services for their corporation or business? What are the advantages of contracting for fractional Chief Financial Officer services?...more
9/20/2024
/ Accounting ,
Asset Management ,
Business Advice ,
Business Ownership ,
Business Strategies ,
CFOs ,
Corporate Entities ,
Investors ,
Tax Planning ,
Vendors ,
Venture Capital
How does the quality and scope of your accounting process affect every aspect of your company from tax exposure to profitability?
It is important to ensure that your company has accurate, detailed, and timely information...more
Have you forgotten about the Beneficial Ownership Information (BOI) Report established by the Corporate Transparency Act (CTA) of 2021? Owners of qualifying domestic entities, as well as those qualifying foreign entities...more