David Dunkelberger, CPA, HITRUST CCSFP

https://lnkd.in/e6Bb8kQP Affluent Americans may want to double-check how much of their bank deposits are protected by government-backed insurance. The rules governing trust accounts, which were unlimited, just got capped! #FDIC #banks #insurance #CPA #Accountant

The Anti-Money Laundering Act of 2020 now requires certain businesses to report their key owners to align with global standards. Missing this could mean serious penalties. Let LBMC help you stay on track and compliant! #Compliance #CorporateTransparency

The Anti-Money Laundering Act of 2020 now requires certain businesses to report their key owners to align with global standards. Missing this could mean serious penalties. Let LBMC help you stay on track and compliant! #Compliance #CorporateTransparency

The Anti-Money Laundering Act of 2020 now requires certain businesses to report their key owners to align with global standards. Missing this could mean serious penalties. Let LBMC help you stay on track and compliant! #Compliance #CorporateTransparency

The Anti-Money Laundering Act of 2020 now requires certain businesses to report their key owners to align with global standards. Missing this could mean serious penalties. Let LBMC help you stay on track and compliant! #Compliance #CorporateTransparency

The Anti-Money Laundering Act of 2020 now requires certain businesses to report their key owners to align with global standards. Missing this could mean serious penalties. Let LBMC help you stay on track and compliant! #Compliance #CorporateTransparency

New York State Launches Corporate Transparency Act New York State has launched the New York LLC Transparency Act (“LLCTA”), which is their own version of the Federal Corporate Transparency. Entities formed on or after January 1, 2026 will have to make an LLCTA filing within 30 days of their creation, while existing entities as of that date will have until January 1, 2027 to make their corresponding filings. To read the rest of this article, please click on the link below: https://lnkd.in/eYs-WEcV To see past publications please visit our Knowledge Center. The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.

On May 8, 2024, U.S. Treasury Department proposed regulations that provide guidance on the requirements for individuals to report their transactions with foreign trusts to the Internal Revenue Service, including the receipt of large gifts. The proposed guidance generally implements rules that were first outlined in a notice and revenue procedures for Section 6048, which provides reporting rules regarding a U.S. person's interactions with a foreign trust, including creating and owning the trust, along with transferring and receiving assets. Under Section 6677, failures to comply with the reporting requirements under Section 6048 can amount to a civil penalty equal to 35% of the trust's gross reportable amount. The statute also allows the IRS to impose an additional penalty of $10,000 every 30 days that somebody fails to comply with reporting obligations within 90 days of notification from the agency. The proposed guidance includes three separate civil penalties under Section 6677 that correspond to each reporting requirement that Treasury proposed under Section 6048. Failure to comply with one proposed Section 6048 rule, which involves requirements for reporting information about U.S. owners of foreign trusts, initially imposes a penalty amounting to the greater of $10,000 or 5%, rather than 35%, according to Treasury. The proposed rules also cover IRC Section 643(i), which includes reporting rules for U.S. individuals that receive loans from foreign trusts and use foreign trust property.

Our mid-year report, "Ten Key Regulatory Challenges of 2024," is now available. We are in a year of Regulatory Challenge marked by significant financial fines- including the largest single settlement ever a staggering $4.3B across DOJ, CFTC, FinCEN and OFAC for AML/sanctions compliance. KPMG Regulatory Insights offers a roadmap to navigate these challenges. https://bit.ly/4bXFLfc #RegulatoryInsights #RiskManagement

Cherry Bekaert’s Regulatory Compliance Digest showcases updates from FFIEC, FinCEN, CFPB, FDIC, federal bank regulatory agencies and more. Catch the most recent regulatory compliance news here: https://okt.to/PvhGiD #RegulatoryCompliance #ComplianceUpdates #FinancialRegulations #RegulatoryUpdates

BOI Filing Requirement Scams - Did You Know? Beginning in 2024, many businesses must file new beneficial ownership information (BOI) reports, which identify owners who exert control over and/or hold a significant financial stake in the company. Reporting companies must file these forms with the Treasury Department's Financial Crimes Enforcement (FinCEN). Unfortunately, scammers are using this new filing requirement to attempt to steal money and sensitive information from businesses. If your business receives a message about a supposed FinCEN reporting obligation, examine it carefully and look for these telltale signs of a scam: - Any request for payment: FinCEN does not charge a fee to file BOI reports. - Messages with links to click on or QR codes to scan: Authentic FinCEN messages will not have these features. - Any reference to an "Important Compliance Notice," "Form 4022" or a "U.S. Business Regulations Dept.": FinCEN does not use this terminology, and no such form or department exists. Do not respond to any suspicious message requesting money or BOI from your company. If you are unsure whether a message is legitimate, contact FinCEN directly (fincen.gov) for more information.

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