2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
On April 3, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice to assist financial institutions in complying with the Bank Secrecy Act (BSA) during the COVID-19 pandemic. The notice explains that financial institutions providing Paycheck Protection Program (PPP) loans to existing customers will not need to collect beneficial ownership information, unless otherwise required by their risk-based BSA program. FinCEN acknowledged it is aware BSA filings by financial institutions such as Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) might be delayed during the pandemic. FinCEN is suspending until further notice implementation of the Feb. 6, 2020 ruling (FIN-2020-R001) on CTR filing requirements when reporting transactions involving sole proprietorships and entities operating under a “doing business as” (DBA) name. FinCEN created a COVID-19-specific online contact mechanism, via a specific drop-down category, for financial institutions to communicate BSA related pandemic concerns to FinCEN. You can find it here.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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