Revenue Procedure 2024-28 Digital Asset Cost Basis Final regulations were recently issued regarding the determination of cost basis for digital assets (cryptocurrencies, NFTs, etc.) effective January 1, 2025. The final…
IMPORTANT UPDATE: The Corporate Transparency Act Circus Continues On December 26th, only three days after lifting the injunction of the United States District Court on enforcement of the Corporate…
The IRS recently issued News Release 2024-288, announcing an important update for businesses regarding beneficial ownership information (BOI) reporting. Many businesses will need to comply with new BOI reporting requirements…
Beneficial Ownership Information Reporting Unfortunately, it appears that the election has interfered with possible action by Congress to eliminate or postpone the Beneficial Ownership Information (BOI) reporting to Financial…
Important Filing Update Entities that have been formed through registration with a state’s Secretary of State or similar office must file an information report with Treasury’s Financial Crimes Enforcement Network…
Caution: This explanation is general in nature and should not be used for specific planning. Beneficial Ownership Information Reporting Penalty IncreaseAs if a $500 per day penalty were not large…
We are writing this letter to emphasize to our clients and others on the mailing list the importance of complying with the Corporate Transparency Act (CTA). The CTA requires the…
The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is…
