The state-citizen-only tax dodge resurfaces in Kim v. United States, and the court dismisses it
2 min read
Treasury’s Financial Crimes Enforcement Network (FinCEN) estimates that approximately 20 percent of real estate purchases are not financed — they are all cash deals — indicating a vulnerability in the US real estate market for money laundering, particularly when the purchaser is an entity. Therefore, in a February 2024 notice of proposed rulemaking, FinCEN announced its intention to initiate requirements under the Bank Secrecy Act (BSA) for certain persons involved in real estate transactions to collect, report, and retain information on non-financed (cash) purchases of residential real estate by shell companies. See FinCEN’s Fact Sheet for details on the proposed reporting.
Expanded reporting. FinCEN is initially focusing on residential real estate but plans additional action to promulgate regulations covering the commercial real estate sector.
STAY TUNED
Stay updated with more breaking tax-related developments by subscribing to Tax Bytes with Jessica Jeane, J.D.
Recent Stories
First-Time Penalty Abatement Is Being Replaced
August 25, 2026
Saver’s Match Replaces the Saver’s Credit in 2027
August 18, 2026
Next Up...
Your guide to earning the CMA, from the education and experience requirements to the two-part
6 min read
Employers can now fund Trump accounts up to $2,500 per employee tax-free. Proposed regs spell
7 min read