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Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued in 2023, the IRS has increased its oversight of cryptocurrency transactions by requiring brokers, beginning in 2025, to report investor sales and exchanges in connection with such transactions. Taxpayers not complying with these requirements may face penalties based on accuracy of reporting. For federal tax purposes and regulatory compliance, any form of virtual currency is treated as property and not cash.

The importance of meeting U.S. tax and reporting deadlines cannot be overstated. With the IRS continuing to strengthen its efforts to enforce compliance with initiatives specifically targeting foreign information reporting, this U.S. reporting checklist by Kozusko Harris Duncan can help family advisers and trustees of foreign trusts determine what if any U.S. reporting will be due.

The Corporate Transparency Act (CTA) is effective as of January 1, 2024. If a U.S. entity is not exempt, it is a reporting company and must file a “Beneficial Ownership Information” (the BOI). The same is true for a foreign entity registered to do business in a U.S. state. Given the penalties for failure to file, identifying reportable individuals and filing a reporting company’s initial BOI report is now a priority. This article from Kozusko Harris Duncan discusses some practical considerations for preparing a reporting company’s initial BOI report.

In this podcast episode of "Corporate Transparency Talk," litigation attorney Eddie Jauregui is joined by corporate attorney Michael Titens as they discuss a recent federal court decision involving the Corporate Transparency Act (CTA). In the case, the plaintiffs challenged the constitutionality of the CTA and Congress' ability to enact it. The government argued that Congress had authority to pass the CTA because it exercised its power to regulate interstate commerce, national security, and tax administration. However, the court ruled against the government in each argument.

For foreign families and individuals who are interested in investing in the United States, there are key factors to consider. In this 10-minute interview, attorney Ruben Diaz of Foley & Lardner joins Brian Lucareli to discuss in-bound investing and top-of-mind issues when helping clients through the process of investing into the U.S. from Latin American countries. Ruben spoke about the information required in order to help clients properly structure their investments into the U.S. and the planning process for inbound investments.

In this podcast episode of "Corporate Transparency Talk," tax attorney Alan Granwell with Holland & Knight, offers a high-level overview of the Corporate Transparency Act (CTA), highlighting its aim to make companies disclose their real owners to fight illicit financial activities like money laundering and terrorism. Mr. Granwell explains how the act ensures that beneficial ownership information is reported to the federal government, under the threat of penalties for noncompliance.

The evolution of cybersecurity threats is increasing at a rapid pace and becoming more sophisticated as they leverage the same advanced technologies and methodologies as cyber defense tools. No longer are cyberattacks focused primarily on financial incentives, they are also aiming at maximizing operational disruption.

As companies and service organizations increasingly use third-party service for outsourced services, there is more demand for a detailed understanding of the processes and controls of these third-party service providers. To show they have the right processes and internal controls in place, it’s crucial to provide a System and Organization Controls (SOC) report.

Safety risk assessments are becoming a preferred regulatory tool around the world. Online safety laws in Australia, Ireland, the United Kingdom, and the United States will require a range of providers to evaluate the safety and user-generated content risks associated with their online services. While the specific assessment requirements vary across jurisdictions, the common thread is that providers will need to establish routine processes to assess, document, and mitigate safety risks.