The Securities and Exchange Commission has rescinded a Staff Accounting Bulletin on safeguarding cryptocurrency assets that had been criticized by the industry and even by some of its own commissioners.
Day: January 23, 2025
Tax Fraud Blotter: Shipping and mishandling
Noted once more; a lot of shingles; refund’s in the mail; and other highlights of recent tax cases.
Supreme Court lifts injunction on Corporate Transparency Act
The Supreme Court overturned an injunction on the CTA and its beneficial ownership information requirement, but it remains on hold due to a separate injunction.
BOI reporting still on hold despite Supreme Court ruling
In another case in Texas, a judge issued a nationwide order prohibiting enforcement of beneficial ownership information reporting requirements, meaning BOI reports are still on hold.
New ‘investor-friendly’ ETFs unlock tax deferral on appreciated assets
Funds that use Section 351 conversions are rolling out in 2025, led by the launch of one with the ticker TAX. Here’s what financial advisors and investors should know.
IRS can’t verify LITC grant recipient eligibility
The IRS doesn’t have the authority to independently verify that recipients of Low Income Taxpayer Clinic grants are eligible to receive them.