The Biden Administration General Explanations of the Administration’s Revenue Proposals for Fiscal Year 2024 discusses the proposal for exchange of information reporting by financial institutions and offshore digital asset...more
The Biden’s Administration 2024 Revenue Proposal includes US taxpayer reporting requirements for foreign digital asset accounts. The proposal would be effective for returns required to be filed after December 31, 2023. Tax...more
On April 5, 2023, the IRS wrapped up its Dirty Dozen 2023 list – earlier than the release of the Dirty Dozen 2022 list which was published on June 10, 2022. According to the IRS, the Dirty Dozen represents the worst of the...more
5/3/2023
/ Charitable Donations ,
Charitable Remainder Trust ,
Digital Assets ,
Employee Retention ,
Fuel Tax ,
IRS ,
Offer-in-Compromise ,
Offshore Funds ,
Phishing Scams ,
Social Media ,
Tax Avoidance ,
Tax Credits ,
Tax Preparers ,
Third-Party
El Formulario 1040 2022 cambia la terminología criptográfica de “moneda virtual” a “activos digitales”. El propósito del cambio en la terminología podría interpretarse como un “aviso” a los contribuyentes de que el IRS está...more
Las estafas de activos digitales pueden ocurrir de diferentes maneras a través de varias vías diferentes. Aunque las formas y los caminos difieren, el resultado final es siempre el mismo: hay un estafador que intenta...more
Given that we are in full swing of tax season, many taxpayers are exploring the possibility of claiming a crypto tax deduction over their “devalued” crypto assets. Taxpayers ought to refer to the IRS Chief Counsel Advice...more
Digital asset scams can occur in different ways through several different avenues. Although the ways and the avenues differ, the end result is always the same: there is a scammer that is trying to appropriate the consumer’s...more
Form 1040 2022 changes the crypto terminology from “virtual currency” to “digital assets”. The purpose of the change in terminology could be interpreted as a “head up” to taxpayers that the IRS is looking more closely as...more
Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more
El 1/3/23, la Agencias Reguladoras; incluyendo la Junta de Gobernadores del Sistema de la Reserva Federal (“FED”), la Corporación Federal de Seguros de Depósitos (“FDIC”) y la Oficina del Contralor (“OCC”) emitieron una...more
On 1/3/23, Regulatory Agencies; including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller issued a Joint Statement on Crypto-Asset Risks to...more
In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax...more
President Biden’s Executive Order (EO) on Ensuring Responsible Development of Digital Assets was signed on 3/9/22 acknowledging how the rise in digital assets creates an opportunity to reinforce the leadership of the U.S. in...more
11/3/2022
/ Central Bank Digital Currency (CBDCs) ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Stability Acts ,
National Security ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
US Department of State
On 9/1/22, the IRS posted Form 1040 2022 Draft. Form 1040 is the U.S. Individual Income Tax Return and since tax year 2019, Form 1040 has been asking taxpayers about their virtual currency doings on the front page. Form...more
El IRS concluyó su lista de Estafas de la Docena Sucia (“Dirty Dozen”) del 2022 recomendando a los contribuyentes a estar atentos y evitar ser engañados por las estrategias de evasión fiscal....more
10/5/2022
/ Cryptocurrency ,
Digital Assets ,
IRS ,
Offshore Funds ,
Scams ,
Tax Avoidance ,
Tax Court ,
Tax Deductions ,
Tax Evasion ,
Tax Fraud ,
Tax Scams
A Digital Asset Report was issued on 6/6/22 by the DOJ – Report pursuant to Section 8(b)(iv) of President Biden’s March 9, 2022, Executive Order on Ensuring Responsible Development of Digital Assets. The Report is presented...more
As a result of the American Rescue Plan Act of 2021, effective for Tax Returns for the Calendar year 2022, small business that accept payment cards as a form of payment will receive a Form 1099-K for the gross amount of the...more
La Propuesta de Ingresos del Año Fiscal 2023 de la Administración de Biden incluye “Reglas de Modernización” para abordar los activos digitales que requerirán informes por parte de ciertos contribuyentes de cuentas de activos...more
The Biden’s Administration’s Fiscal Year 2023 Revenue Proposal includes “Modernize Rules” to address Digital Assets that will require reporting by certain Taxpayers of Foreign Digital Asset Accounts. ...more
The U.S. Department of Labor cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu for plan participants....more
3/31/2022
/ 401k ,
Cryptocurrency ,
Department of Labor (DOL) ,
Digital Assets ,
Executive Orders ,
Fiduciary Duty ,
Fraud ,
Investment Management ,
Joe Biden ,
Recordkeeping Requirements ,
Retirement Plan ,
Risk Assessment
The Executive Order signed by President Biden lays out a national policy for digital assets across six key priorities: consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global...more
3/31/2022
/ Central Bank Digital Currency (CBDCs) ,
Digital Assets ,
Executive Orders ,
Federal Reserve ,
Financial Markets ,
Financial Stability Board ,
Innovation ,
Investors ,
Joe Biden ,
National Security ,
Technology ,
U.S. Commerce Department ,
U.S. Treasury
Danger signs abound -
Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. ...more
A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already...more
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more
3/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
FATCA ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Real Estate Investments ,
Tax Haven ,
Terrorism Funding ,
Terrorist Financing Regulations ,
U.S. Treasury ,
Vulnerability Assessments
On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to...more
2/21/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
Drug Trafficking ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Human Trafficking ,
Money Laundering ,
Organized Crime ,
Real Estate Investments ,
Regulatory Oversight ,
Terrorism Funding ,
Terrorist Financing Regulations ,
Transparency ,
U.S. Treasury ,
Vulnerability Assessments