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Meta
Category Archives: FINCEN
I’m Not Making This Up: BOI Is Stayed Again
I swear I’m not making this up: Tonight, the 5th Circuit Court of Appeals has reversed the previous ruling, and once again the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA) are again stayed nationally. This … Continue reading
5th Circuit Court of Appeals Stays BOI/CTA Injunction; BOI Reports Again Due January 1, 2025
Today, the 5th Circuit Court of Appeals stayed the previous ruling putting a nationwide injunction against the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting. This ruling can be appealed by the plaintiffs to the Supreme Court, but it’s … Continue reading
US Appeals BOI Injunction
In a move that surprises absolutely no one, the United States has appealed the preliminary injunction issued by Judge Amos Mazzant against the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting. The appeal is to the Fifth Circuit … Continue reading
Corporate Transparency Act/BOI Reporting Enjoined Nationally by Texas Court
A Texas court today issued a nationwide injunction against the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting. Judge Amos Mazzant of the Eastern District of Texas issued the sweeping ruling in Texas Top Cop Shop, Inc. v Garland; … Continue reading
BOI Reporting: A Reminder
We’re over 80% of the way through 2024, and with that another deadline approaches: the January 1, 2025 deadline to file Beneficial Ownership Information (BOI) reports through FinCEN. This morning, we filed ours for Clayton Financial and Tax LLC. The … Continue reading
Corporate Transparency Act Ruled Unconstitutional; Appeal Certain
On Friday, an Alabama federal judge ruled that the Corporate Transparency Act (CTA)–the law that authorized Beneficial Ownership Information (BOI) reporting–is unconstitutional. As of today, this decision impacts one business in northern Alabama, but given an appeal is a certainty … Continue reading
Online Gambling and Cryptocurrency Addresses for 2024
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300
The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law. The IRS officially announced this in Announcement 2024-4. … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, Information Returns, IRS
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Form 8300 and Cryptocurrency: Implementation Postponed
The IRS sent emails to two tax professionals regarding Form 8300 and cryptocurrency: Treasury has postponed the effective day of 12/31/2023 for filing 8300 forms regarding digital asset transactions (Cryptocurrency). The updated [form] as well as guidance on electronic filing … Continue reading
Posted in Cryptocurrencies, FINCEN
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Form 8300, Cryptocurrency, and Gambling: An Update
Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements. Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading
Posted in FINCEN, Gambling, Information Returns, IRS
Comments Off on Form 8300, Cryptocurrency, and Gambling: An Update