Deadline for Transition to BSA Electronic Filing Approaching

The Financial Crimes Enforcement Network (FinCEN) said Magnetic Media filers must transition to BSA Electronic Filing (E-Filing) by Dec. 31.

The Web-based BSA E-Filing system is user-ID and password-protected and does not require storage media such as tapes and disks to submit Bank Secrecy Act (BSA) reports. The system supports the filing of both single and multiple BSA reports and uses the same file format as the Magnetic Media Program. Reporting institutions also will be able to file a wide range of BSA forms faster and obtain a quicker receipt of acknowledgements.

FinCEN is working with the IRS to ensure a smooth transition. Financial institutions may register for BSA E-Filing at any time. Details on registration and an overview of the system are available at Filers may also contact the BSA E-Filing Help Desk at 1-888-827-2778 (option 6) from 8 a.m. to 6 p.m. ET, Monday through Friday.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.