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• U.S. Beneficial Ownership Information Reporting Begins

  Posted Date March 1, 2024 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min read The U.S. Treasury recently enacted a new reporting requirement aimed at quashing illicit financial transactions. The agency believes that corporate anonymity is enabling money laundering, terrorism, and drug trafficking. As part of the 2021 Corporate Transparency Act (CTA), certain companies are now required to report information about their beneficial owners. The goal of the new registration requirements is to create a centralized database of beneficial ownership information. There has been push-back from some lawmakers and small business organizations, citing this as an erroneous regulatory process that just makes life harder for small businesses. Efforts to... View Article

• What to Know About the Art Donation Deduction

  Posted Date March 1, 2024 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readIf you would like to donate artwork to an eligible charitable organization, you might be able to take a deduction on your tax return. However, the rules are complex. There are different requirements for different values, and there are scams you want to avoid that could lead to severe consequences for taxpayers who abuse this deduction. Generally, the deduction for donated art is based on the fair market value of the property. This refers to the price the artwork could reasonably be expected to sell for on the open market. To qualify for the deduction, note... View Article

• Deepfakes and Social Engineering: The New Face of CEO and CFO Fraud

  Posted Date March 1, 2024 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readTechnological advancements have ushered in a new era of cybercrime, with deepfakes and social engineering tactics at the forefront of fraudulent activities. CEO and CFO fraud has become increasingly widespread, posing significant threats to organizations worldwide. Understanding CEO and CFO Fraud CEO and CFO fraud involves cybercriminals impersonating executives to manipulate employees to transfer funds or sensitive information. These scams often rely on social engineering techniques to deceive unsuspecting victims. While traditional phishing emails used in business email compromise (BEC)might use generic language, sophisticated cybercriminals now leverage deepfakes to make their schemes more convincing. They exploit... View Article

• Actions Lottery Winners Should Consider

  Posted Date March 1, 2024 Posted Time 12:00 am Published in Service2Client

  🖨 Print⏱ 4 min readWe all have those days when we dream of striking it rich with a winning lottery ticket. Never having to work again while living a life of luxury. While your chance of finding a four-leaf clover is higher than winning the lottery, we can still dream, right? And while we are dreaming, let’s talk about the best ways to deal with landing such a large sum of cash. And since lottery winners have a limited time to claim their prize, it’s important to take prudent steps when managing the money. How Much Do Winners Actually Take... View Article