On 1/21/25, the IRS issued Bulletin Issue Number: 2025-02 to remind the FATCA Responsible Officer that Certifications are due 7/1/25 for the Certification period ending December 31, 2024. The Bulletin also provided a reminder…
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/ Finance & Banking, International Law & Trade, Taxation
On 1/15/25, the IRS announced three pilot programs to test changes to existing Alternative Dispute Resolution (ADR) programs. The new IRS Pilot Mediation Programs are designed to help taxpayers resolve tax disputes earlier and…
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/ Administrative Law, Alternative Dispute Resolution (ADR), Taxation
On 12/19/24, anticipating the 2025 filing season, the IRS published Tax Preparation 2025 Useful Pointers in IR-2024-311: Prepare to file in 2025: Get Ready for tax season with key updates, essential tips. As the 2025 filing…
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/ Taxation
On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law, the…
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/ Finance & Banking, International Law & Trade, Taxation
On 11/4/24, the Internal Revenue Service issued a warning to taxpayers regarding the dangers of engaging with promoters of fraudulent tax schemes that involve donating ownership interests in closely held businesses, often…
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/ Business Organizations, Nonprofit Law, Taxation
On 12/2/24, the IRS, along with its Security Summit partners, issued an IRS Consumer Alert and cautioned taxpayers to exercise heightened vigilance during their holiday shopping, as scammers are actively seeking personal…
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/ Consumer Protection, Privacy, Science, Computers, & Technology, Taxation
On 11/15/24, FinCEN updated two Beneficial Ownership Information Access FAQs. The theme of the 11/15/24 update is Beneficial Ownership Access in accordance with the Corporate Transparency Act. FinCEN had previously update the…
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/ Business Organizations, Finance & Banking, Securities Law, Taxation
On 10/9/24, the Bureau of Industry and Security (BIS) within the Department of Commerce has issued guidance aimed at financial institutions (FIs), outlining best practices for adherence to the Export Administration Regulations…
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/ Administrative Law, Antitrust & Trade Regulation, Finance & Banking, International Law & Trade, Taxation
On 11/13/24, FinCEN issued an alert aimed at assisting financial institutions in recognizing fraudulent schemes linked to the utilization of deepfake media generated by generative artificial intelligence (GenAI) tools. The alert…
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/ Communications & Media Law, Finance & Banking, Consumer Protection, Science, Computers, & Technology
On 10/24/24, the National Taxpayer Advocate shared on its NTA Blog that the IRS has discontinued its policy of automatically imposing penalties for late submissions of Form 3520, which pertains to foreign gifts and inheritances…
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/ International Law & Trade, Taxation
On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief…
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/ Administrative Law, Finance & Banking, Taxation
The IRS Whistleblower Program helps boost the “fair and effective enforcement of our nation’s tax laws and the success of our voluntary tax system.” The IRS Whistleblower Program is dependent on people who become aware of tax…
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/ Administrative Law, Government Contracting, Taxation
On 9/19/24, the IRS issued a warning to taxpayers regarding OIC (Offer in Compromise) Mills that are taking advantage of taxpayers. OIC Mills promoters claim that their services are necessary to resolve taxpayer unpaid taxes…
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/ Communications & Media Law, Consumer Protection, Finance & Banking, Taxation
IRS issued Notice 2024-78 on 10/28/24 providing the extension of temporary relief for FATCA Model 1 Financial Institutions (FFI’s) regarding the reporting of U.S. Taxpayer Identification Numbers. This means that the temporary…
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/ Finance & Banking, International Law & Trade, Taxation
On 10/22/24, the IRS announced that is has officially commenced operations of the newly established pass-through field operations unit within its Large Business and International (LB&I) division, which was announced last fall…
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/ Administrative Law, Business Organizations, Taxation
