Remote Business Services News & Information

Introduction The Report of Foreign Bank and Financial Accounts (FBAR), required under the Bank Secrecy Act of 1970 (BSA), mandates U.S. persons with interests in foreign financial accounts exceeding a certain threshold to report this information annually to the Department of the Treasury. This disclosure helps combat tax evasion and improve financial transparency. Below, we explain who must file an FBAR, the reasons for this requirement, and its annual deadlines. Who Must File the FBAR? General Rule A U.S. person must file the FBAR (via FinCEN Form 114) if both of the following conditions are met: Financial account requirement:  The U.S. person has a financial interest in or signature or other authority over at least one foreign financial account located outside the United States. Aggregate value threshold:  The combined value of all such foreign accounts exceeded $10,000 at any time during the calendar year. (31 U.S.C. § 5314(a); 31 C.F.R. § 1010.350(a)). Who Qualifies as a U...

Summary of Wyoming Business Registration Fees This document details the fees and services associated with business registration in Wyoming, offering two distinct packages to meet varying client needs: Absolute Minimum Package ($232.50): Core Services:  Registered Agent setup, Articles of Organization filing, EIN acquisition, Operating Agreement assistance, secure document delivery. Timeline:  2-4 business days. Note:  Requires upfront payment of $1 10 (standard processing for state ). Note:   Requires upfront payment Registered Agent fees $ 25 . Benefit:  5% discount on year-end tax prep (1040 & Sch C). Absolute Minimum plus Expanded Coverage ($320.50): Includes:  All services from the Absolute Minimum package. Additional Services:  Filing FinCEN BOI report, Filing IRS Form 2848 (Power of Attorney), Forwarding & assisting with state notific...

By Staff The rise of limited liability companies (LLCs) in the United States has often been accompanied by concerns regarding anonymity and the potential for misuse in illicit activities such as money laundering and tax evasion. To address these concerns, the FinancialCrimes Enforcement Network (FinCEN) implemented the BeneficialOwnership Information (BOI) collection as part of the CorporateTransparency Act (CTA). This short article explores whether the BOI collection has effectively ended anonymous LLC filing in the U.S. Background: The Corporate Transparency Act The Corporate Transparency Act was enacted in January 2021 as part of the National Defense Authorization Act. Its primary goal is to combat financial crimes by requiring certain entities to disclose their beneficial owners to FinCEN. A beneficial owner is defined as an individual who directly or indirectly owns or controls at least 25% of the ownership interests of a reporting company or exercises substantial control over...

By Staff The rise of cryptocurrencies has transformed the financial landscape, attracting millions of investors worldwide. However, with this new asset class comes the responsibility of understanding its tax implications. The Internal Revenue Service (IRS) treats cryptocurrencies as property, which means that investors must report gains and losses on their tax returns. This article explores the classification of cryptocurrencies as property, the tax obligations for investors, and the reporting requirements. Cryptocurrencies as Property In 2014, the IRS issued Notice 2014-21 , which clarified the tax treatment of   Notice 2014-21 . According to this notice, cryptocurrencies are classified as property rather than currency for federal tax purposes. This classification means that general tax principles applicable to property transactions apply to transactions involving cryptocurrencies (IRS, 2014). Key Implications of Property Classification Capital Gains and Losses : Whe...