DeFi Education Fund’s Post

The IRS has issued a draft form for reporting digital asset proceeds from broker transactions. Learn about this new form and how it may impact your reporting requirements. ⬇️ #digitalassets #digitalassetreporting #IRSUpdate

The U.S. Securities and Exchange Commission recently announced the commencement of EDGAR Beta Testing for the Filing Fee Modernization Rule. This rule aims to revamp the existing fee structure for certain filings, aligning it with the financial industry’s and investors’ evolving needs. 📝 Here is a short article summarizing the details of this ground-breaking initiative: https://lnkd.in/gVMUqd5j #Blog #EDGAR #FilingFeeModernization #FinancialReporting

This has flown under the radar, but needs to be something business owners are aware of as we march towards 2024. Forms and related instructions are not out yet, but there is some data to review to prepare - https://www.fincen.gov/boi

The IRS released a draft version of the new Form 1099-DA, which will be used for reporting proceeds from digital asset broker transactions. Find out what you need to know: https://okt.to/OqocaG #reporting #digitalassets #brokertransactions #irs

SUPPLEMENTARY INFORMATION on the Form 1099-DA are issued (89 FR 29433). "Form 1099-DA is used by brokers to report proceeds from (and in some cases, basis for) digital asset dispositions to taxpayers and to the IRS (Internal Revenue Code section 6045(a)). Taxpayers may be required to recognize gain from these dispositions of digital assets. Reporting is also required when brokers know or have reason to know that a corporation in which a taxpayer owns digital assets, that is also stock, has had a reportable change in control or capital structure. Taxpayers may be required to recognize gain from the receipt of cash, services, digital assets, or other property that was exchanged for a digital asset that is also the corporation's stock." https://lnkd.in/gbV_PVYK

The Internal Revenue Service (IRS) recently released a preliminary version of a form intended for reporting digital asset earnings from broker transactions. Discover more about this form and understand how it might impact your reporting obligations. ⬇️ #digitalassets #digitalassetreporting #IRSUpdate

Exciting News for the Financial Services Industry! 🚀 📅 Policy Statement PS23/13 - Gateway for Approving Financial Promotions 🗓️ First Published: September 12, 2023 🔄 Last Updated: September 12, 2023 👉 The introduction of a gateway for firms approving financial promotions. This policy supports the Government's legislative changes within the Financial Services and Markets Act 2023. 🔀 So, what's changing? When this new gateway takes effect, all authorized persons wishing to continue approving financial promotions for unauthorized entities must apply for our permission. We've made targeted changes based on your feedback, including: Assessment criteria for gateway applicants. Reporting requirements for approved firms. No extension of the Financial Ombudsman Service's jurisdiction to financial promotion approval. Updates to non-Handbook guidance. A review within 24 months of the rules taking effect. 👥 Who's affected? This change impacts authorized persons approving financial promotions for unauthorized entities. It doesn't affect those approving their own promotions, promotions of their appointed representatives, or those within their corporate group. This also concerns consumers, cryptoasset market players, future applicants, trade bodies, and unauthorized entities benefiting from authorized approvals. 🗓️ What's next? Firms must assess the need to apply to continue approving financial promotions for unauthorized entities. Applications open on November 6, 2023, with the initial period closing on February 6, 2024. The new legislation takes effect on February 7, 2024. Firms applying during this period can continue approvals while awaiting a decision. For late applicants, permission can be sought using a variation of the permission form, but approvals will be on hold until the application is approved. 📝 Applications open November 6, 2023 🔗 More information in Annex 1 and 2 of the policy statement. 📚 Background Our goal is to ensure consumers receive suitable products and fair treatment in financial services. This gateway is designed to raise standards, preventing non-compliant promotions from reaching consumers. We're strengthening our oversight to improve the quality of approved financial promotions. Exciting times are ahead for the industry! Get ready to navigate these changes and ensure you're compliant. Let's elevate the standards together! 💼📈 #FinancialServices #Regulations #Compliance #FinanceIndustry https://lnkd.in/eD_T9Cnq

Reminder: Time to start planning your 2023 IRS 1099 filings. More importantly, e-filing requirements have changed and there is a new IRS e-filing portal. Read on for the details.

What You Need to Know About the Recent Amendments to the Unclaimed Moneys Act 1965? Following my previous article sharing the key takeaways of the Unclaimed Moneys Act 1965, I would like to expand further on recent amendments to the Act. On 26th March 2024, Dewan Rakyat has passed the Unclaimed Moneys (Amendment) Bill 2024. The impact of these changes on the administration and control of unclaimed funds is expected to be significant. Let us delve into the notable amendments and understand their implications: 👉 Reduction of Scope: Previously, under Section 8, unclaimed money was defined as sums legally payable to the owner that are remaining unpaid for a period of not less than 1 year. The fresh amendment tightens the scope of unclaimed assets by raising the period from 1 year to 2 years after the payment is payable before it is considered unclaimed. This transition means an increase in the period to track unclaimed funds. 👉 Responsibility of Registrar: The amendments on Sections 5 and 6 designate the Registrar, Deputy Registrar and Assistant Registrars as the only persons duly mandated for management of unclaimed moneys and securities accruing under it. 👉 Publication Medium Change: An amendment to subsection 10A(1) evolves the mode of the publication of the register of unclaimed moneys to electronic platforms instead of the traditional gazette publications. This forward-looking amendment not only modernizes the procedure but also introduces flexibility by adapting to contemporary digital practices. Further, it also works to avoid publication charges for the Registrar. 👉 Reduction of Credited Period: In the Unclaimed Moneys Act 1965, unclaimed funds in court automatically revert to the Consolidated Revenue Account. However, when it comes to unclaimed money in firms and companies, there's a slight difference. Initially, it's held by the Registrar through the Consolidated Trust Account. After 15 years, if still unclaimed, it moves to the Consolidated Revenue Account. The recent amendment reduces the period of unclaimed funds in firm and company held in the Consolidated Trust Account from 15 years to 10 years. As a result, it expedites the transfer to the Consolidated Revenue Account to only 10 years. Why does this matter? Well, according to the Financial Procedure Act 1957, the Consolidated Trust Account operates under a trust and must be used accordingly. By shortening the timeframe to 10 years, the government gains more flexibility in investing the unclaimed money after this period, as there are fewer restrictions. 💡 These amendments are a step forward in the area of unclaimed money regulation which seeks to promote efficiency, transparency and compliance. Make sure you keep yourself up to date to ensure your business or organization keeps the updated regulatory changes in line. Attached herewith the passed Bill for your reading pleasure. P/S: Thank you, Min Han P. for the research. RDS Partnership #unclaimedmoney

Discover the ins and outs of the Corporate Transparency Act and its impact on your company’s reporting requirements. Our team has outlined the new requirements and provided guidance in this article, addressing 12 frequently asked questions about the upcoming changes in FinCEN regulations under the CTA.