The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.
Advertisement
Topics
Practice Management & Professional Standards
2023 Arthur J. Dixon Memorial Award
Two individuals, Michael P. Dolan, J.D., and Edward S. Karl, CPA, CGMA, received the 2023 Arthur J. Dixon Memorial Award, the highest honor the accounting profession bestows in the area of taxation.
AICPA tax advocacy on digital assets
This novel and evolving form of assets continues to raise tax questions that an AICPA task force puts forward with suggestions for IRS guidance and congressional legislation.
The many implications of Sec. 7216
Under Sec. 7216, tax professionals must protect clients’ tax return information or face possible criminal prosecution.
Final rule issued on access to beneficial ownership information
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
AI and the importance of firm oversight
While artificial intelligence holds much promise for fulfilling routine chores, firms must wisely oversee its deployment and use with specific guidelines and safeguards.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
FinCEN will allow use of identifier in beneficial ownership reporting
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
Understanding the updated tax ethical standards
Examples illustrate how to apply the revised AICPA Statements on Standards for Tax Services, which go into effect in January 2024.
LITCs: Not just for law schools
Business schools, while a relatively rare venue for Low Income Taxpayer Clinics, can derive valuable educational opportunities from them while assisting taxpayers in their communities.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
Claim for refund: Beware of sinkholes
Heeding filing and ‘lookback’ limitations for refund claims in a variety of circumstances is crucial to preserving them.
Responding to an IRS information document request
Responding wisely to an IRS information document request and its potentially expansive scope can help clients successfully weather an examination.
FinCEN proposes BOI reports deadline extension for certain companies
Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.
FinCEN posts guide to help small businesses with BOI reporting
A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.
A path to improving firms’ employee retention
A thriving a workplace for tax practices depends upon adopting strategies that can improve employee retention, inclusion, growth, and effectiveness.
What tax litigators wish other tax professionals knew
Tax planning and compliance professionals can better position their clients — and themselves — against any civil or criminal federal tax enforcement action by taking these steps and precautions.
AICPA finalizes new standards on tax positions
Recent revisions to the SSTSs effective beginning in 2024 include dividing standards on tax positions between two sections.
Cybersecurity for tax pros
John Sapp, CPA, Chief Revenue Officer, Drake Software, discusses some ways tax professionals can protect their clients’ data and prepare for the worst.
Insights from academic tax research to inform tax reform and practice
Research papers focus on the use of big data in tax compliance, the management of corporate tax risks, profit shifting spurred by tax holidays, how low-ETR companies avoid taxes, and how companies use savings from tax avoidance.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
