Understanding the IRS Emphasis on BSA Filings in Tax Crime Investigations

The Internal Revenue Service (IRS) places significant emphasis on the role of Bank Secrecy Act (BSA) filings in supporting the work of its Criminal Investigations (CI) division. Their recent report indicates that an impressive 88% of investigations initiated in FY2023

Are Trusts Required to Report under the Corporate Transparency Act (CTA)?

Generally, the answer is no. Starting January 1, 2024, the Corporate Transparency Act (CTA) will require most U.S. corporations, LLCs, and other legal entities formed through state filings or foreign entities registered to do business in the U.S. (“Reporting Company”)