2024 Year-End Hot Tax Topics Round Up – FinCEN BOI, FBAR Litigation, and Beyonce

The Essential Tax Podcast with Mishkin Santa, Episode 20 In this episode of The Essential Tax Podcast, Mishkin Santa discusses international tax topics involving Canada, Germany, France, Israel, and more!  Tune in for these key takeaways: Tax developments in Canada due to resuming collection activities post-pandemic Tax implications due to political and tax turmoil in Germany and France New developments in the Corporate Transparency Act litigation, the Net Investment Income Tax cases, and recent IRS compliance initiatives Tax-related cases involving notable individuals like Beyoncé New IRS guidelines on digital assets and the enforcement of FBAR penalties Further Resources:  * Canada: https://www.canada.ca/en/taxpayers-ombudsperson/programs/reports-publications/annual-reports/annual-report-2023-2024.html  * Scotland: https://www.gov.scot/publications/scottish-income-tax-2025-2026-factsheet/pages/2  * UAE: https://www.thenationalnews.com/business/economy/2024/12/09/uae-to-introduce-new-15-tax-on-large-multinational-companies  * United Kingdom: https://www.nao.org.uk/wp-content/uploads/2024/11/hm-revenue-customs-overview-2023-24.pdf  * Community Associations Case (FinCEN BOI): https://law.justia.com/cases/federal/district-courts/virginia/vaedce/1:2024cv01597/559803/40  * Texas Top Cop Shop Case (FinCEN BOI): https://law.justia.com/cases/federal/district-courts/texas/txedce/4:2024cv00478/230466/30  * FinCEN BOI Alerts: https://www.fincen.gov/boi  * Paul Bruyea Case (NIIT): https://law.justia.com/cases/federal/district-courts/federal-claims/cofce/1:2023cv00766/47666/31  * Revenue Ruling 2023-14 (Staking): https://www.irs.gov/pub/irs-irbs/irb23-33.pdf  * TIGTA 2023 Report on DAIO: https://www.tigta.gov/sites/default/files/reports/2023-12/2024ier005fr.pdf  * Digital Asset Initiative: https://www.irs.gov/newsroom/irs-adds-two-key-experts-to-focus-on-cryptocurrency-other-digital-assets  * FOIA Lawsuit on Puerto Rico Act 22 Citation: Center for Popular Democracy v. IRS; No. 1:24-cv-0292   * US Exit Tax Expatriate List: https://public-inspection.federalregister.gov/2024-25123.pdf  * IRS Notice 2024-78 (FATCA Relief): https://www.irs.gov/pub/irs-drop/n-24-78.pdf  * Schwarzbaum Case: https://casetext.com/case/united-states-v-schwarzbaum-13  * Saydam Case: https://casetext.com/case/united-states-v-saydam  * Jenner Case: https://casetext.com/case/jenner-v-commr-of-internal-revenue-2  * Adams Case: https://law.justia.com/cases/federal/appellate-courts/cadc/23-1063/23-1063-2024-12-06.html  * Zhang Case: https://dockets.justia.com/docket/california/candce/5:2024cv08210/439751  * IRC 6751: https://www.law.cornell.edu/uscode/text/26/6751  * Mukhi II (5471 Penalty Case): https://www.casemine.com/judgement/us/6742abd0395a1d617fc847fd  * Safdieh (5471 Penalty Case): https://casetext.com/case/safdieh-v-commr-of-internal-revenue  * Beyonce Tax Case: https://casetext.com/case/knowles-carter-v-commr-of-internal-revenue  * TIGTA Report on PPS Fraud: https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf  * IRS Inflation Adjustments (Rev. Proc. 2024-40): https://www.irs.gov/pub/irs-drop/rp-24-40.pdf  * IRS Pass-Through Compliance Unit: https://www.irs.gov/newsroom/irs-announces-launch-of-pass-through-compliance-unit-in-lbi-new-group-brings-together-teams-of-specialists-from-across-the-agency-to-tackle-large-or-complex-exams  * TIGTA Report on Form 5329: https://www.tigta.gov/reports/audit/millions-taxpayers-took-early-retirement-distributions-some-did-not-pay-additional  * Treas. Reg. 301.6651-1(g) (SFR Penalties): https://www.law.cornell.edu/cfr/text/26/301.6651-1 IRS 2024 1099-K Reporting Announcement: https://www.irs.gov/newsroom/irs-provides-transition-relief-for-third-party-settlement-organizations-form-1099-k-threshold-is-5000-for-calendar-year-2024  * IRS Notice 2024-85: https://www.irs.gov/pub/irs-drop/n-24-85.pdf  * Taxpayer Advocate Zip Code: https://www.irs.gov/pub/foia/ig/tas/tas-13-1124-0006.pdf  * FinCEN Storm Victim:  *  * https://www.fincen.gov/sites/default/files/shared/FBAR-Notice-Hurricane-Helene-508.pdf  *  * https://www.fincen.gov/sites/default/files/shared/FBAR-Notice-Hurricane-Milton-FINAL508.pdf  *  * https://www.fincen.gov/sites/default/files/shared/FBAR-Notice-Hurricane-Debby-508.pdf  *  * https://www.fincen.gov/sites/default/files/shared/FBAR-Notice-Hurricane-Beryl-508.pdf  *  * https://www.fincen.gov/sites/default/files/shared/FBAR-Notice-Hurricane-Francine-508.pdf  * State of New York Matter of Vora Case: https://www.dta.ny.gov/pdf/determinations/830987.det.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta