News & Analysis as of

Cash Transactions

Foodman CPAs & Advisors

Residential Real Estate and FinCEN

FinCEN seeks to safeguard residential real estate as evidenced by the issuance of the Final Residential Real Estate Rule issued 8/28/24 and taking effect on 12/1/25. The Final Rule requires “certain” industry professionals...more

Goodwin

FinCEN Adopts Reporting Requirement for Non-Financed Residential Real Estate Transfers

Goodwin on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule (the Residential Real Estate Rule) requiring certain persons involved in residential real estate closings and...more

Tucker Arensberg, P.C.

A New Federal Reporting Requirement Has Been Established for Non-Financed Transfers of U.S. Residential Real Estate to a Trust or...

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On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued its “Anti-Money Laundering Regulations for Residential Real Estate Transfers” (the “Final Rule”), to become effective December 1, 2025. This Final...more

ArentFox Schiff

Investigations Newsletter: Former Congressman George Santos Pleads Guilty to Wire Fraud and Aggravated Identity Theft

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Former Congressman George Santos Pleads Guilty to Wire Fraud and Aggravated Identity Theft - On August 19, former US Representative George Santos pleaded guilty to wire fraud and aggravated identity theft. As part of the...more

Sheppard Mullin Richter & Hampton LLP

SCOTUS to Review Case Impacting Medicare Reimbursement for Hospitals Treating Low-Income Patients

On June 10, 2024, the U.S. Supreme Court granted certiorari in Advocate Christ Medical Center v. Becerra for the October 2024 – 2025 term to review a D.C. Circuit Court of Appeals ruling potentially affecting up to $4 billion...more

Kerr Russell

Tax Exempt Entities May be Eligible to Receive Direct Cash Payments of Tax Credits

Kerr Russell on

Section 6417 of the Internal Revenue Code was added by the Inflation Reduction Act of 2022 (IRA). The section provides that eligible taxpayers may make an election to claim certain clean energy credits even though they have...more

Troutman Pepper

Preparing for IRS Cash Transaction Reporting in the Cannabis Industry

Troutman Pepper on

The various forms of information reporting required by the Internal Revenue Code form the backbone of both voluntary compliance with tax laws and the starting point for audits by the Internal Revenue Service (IRS). One form...more

Fox Rothschild LLP

IRS Issues New Guidance for Cannabis Companies That Receive Over $10K in Cash

Fox Rothschild LLP on

The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more

Fox Rothschild LLP

IRS Issues New Guidance for Cannabis Companies That Receive Over $10K Cash

Fox Rothschild LLP on

The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more

Dorsey & Whitney LLP

FinCEN Proposes AML Compliance Obligations for Non-Financed Real Estate Transactions

Dorsey & Whitney LLP on

Following consideration of comments received from an Advanced Notice of Proposed Rulemaking, on February 16, 2024, FinCEN issued a proposed rule (the “Proposed Rule”) that for the first time would require non-financed...more

Rivkin Radler LLP

Rescission, Repossession, Real Estate – The Three R’s of Unwinding a Sale

Rivkin Radler LLP on

How many times have you wished that you could undo something from your past, perhaps a string of incoherent statements made at a client dinner while slightly under the influence, or an expletive-filled email composed and sent...more

Cadwalader, Wickersham & Taft LLP

FinCEN’s Proposed Rulemaking: Enhancing Transparency in Residential Real Estate

While many Americans are struggling to achieve the dream of homeownership, there are criminals that abuse the housing market for financial gain. To avoid the scrutiny of financial institutions that have anti-money laundering...more

Holland & Knight LLP

FinCEN Proposal for Nonfinanced Purchases of Residential Real Estate and Gratuitous Transfers

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a Notice of Proposed Rulemaking (NPRM) proposing a new nationwide reporting obligation to be imposed on settlement...more

Seward & Kissel LLP

The SEC Approves Mandatory Clearing of Transactions in US Treasury Securities: Issues for the Buy Side to Consider

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On December 13, 2023, the Securities and Exchange Commission (the “SEC” or the “Commission”) voted 4-1 to approve Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer...more

Paul Hastings LLP

Updated: Date for Digital Asset Reporting is Here–Although Regs Have Not Been Promulgated

Paul Hastings LLP on

Please note this an update to a Client Alert that was issued on January 4, 2024. If you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), the Infrastructure Investment and...more

Goodwin

New IRS and FinCEN Reporting Requirements for Businesses that Accept Payments in Digital Assets

Goodwin on

Although the Internal Revenue Service (IRS) has postponed broker-related digital asset reporting, a less publicized requirement that applies long-standing reporting rules for physical cash payments to businesses that accept...more

Seward & Kissel LLP

SEC Approves Final Rule – Mandatory Clearing of Transactions in US Treasury Securities

Seward & Kissel LLP on

On December 13, 2023, the Securities and Exchange Commission (the “SEC”) voted 4-1, to adopt Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule...more

Cole Schotz

Form 1099-K Implementation for E-Commerce Platforms Delayed for 2023

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Under a new federal law enacted in 2021 (the “American Rescue Plan” or the “New Law”), Venmo, Pay Pal, Cash App, Etsy, eBay and other e-commerce platforms are now required to send individual users income tax Form 1099-K for...more

Allen Barron, Inc.

Important New Requirement from the IRS for US Businesses

Allen Barron, Inc. on

There is an important new requirement from the IRS for US businesses based upon a new release from the IRS. Any US business who receives a cash payment exceeding $10,000 is required to file Form 8300 – “Report of Cash...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #372 – Personal Preparedness for Massive Cyber-Attack

It is scary to think of cyber warfare and how it may affect us. But the reality is there, and we should be prepared. I was chatting with a colleague this morning who asked for the top two things to do to prepare for a massive...more

Levenfeld Pearlstein, LLC

2023 Accounting Firm Industry Insider Series: Key Takeaways from In-Depth Conversations with Managing Partners (Part 1)

The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees. To better understand the landscape of the...more

Kerr Russell

New Detroit Ordinance Prohibits Retailers From Refusing Cash Payments

Kerr Russell on

The cashless ban aims to support over 100,000 unbanked Detroit residents. The ordinance was enacted by the City Council on June 13, 2023 and is effective on September 11, 2023. While there is no existing federal law...more

Sherman & Howard L.L.C.

Financial Crimes Enforcement Network: U.S. Treasury is Monitoring Cash Residential Purchases

Starting on April 25, 2023, and ending on October 21, 2023, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) is requiring disclosure of beneficial ownership of entities that purchase...more

Butler Snow LLP

Cash, Card, or Crypto? – Florida’s License Requirement for Crypto Currency

Butler Snow LLP on

Since what feels like the beginning of time, cash currency has dominated the business of monetary compensation. Beginning in the 1950’s, cash met one of its toughest competitors: the credit card. Piggybacking off the idea of...more

Hendershot Cowart P.C.

Cannabis Tax Audit: Red Flags that Attract IRS Attention

Hendershot Cowart P.C. on

Cannabis-based business audits are lucrative for the Internal Revenue Service. IRS auditors are more likely to see returns from cannabis audits than from mainstream industries and therefore prioritizes the cannabis industry....more

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