On December 26, 2024, the preliminary nationwide injunction that prevents enforcement of the Corporate Transparency Act (“CTA”) was reinstated by the Fifth Circuit Court of Appeals. This means that updated filing deadlines announced by the Department of Treasury on December 23, 2024 no longer apply. FinCEN, the agency tasked with enforcement of the CTA, has stated that any CTA filings […]

Enforcement of the Corporate Transparency Act (“CTA”) has resumed. On December 23, 2024, the Fifth Circuit Court of Appeals lifted the preliminary nationwide injunction previously issued by a federal district court in Texas. In response to this development, the Department of Treasury updated deadlines for filing of beneficial ownership reports (“BOI reports”) as follows: Reporting companies created prior to January

The enforcement of the Corporate Transparency Act (“CTA”), which requires most business entities to file electronic reports that identify their beneficial owners (“BOI reports”), has been temporarily paused due to ongoing federal litigation.  Please read on to learn what it may mean for you. On December 3, 2024, a federal district court in Texas issued

The Internal Revenue Service has announced inflation adjustments to exemptions and exclusions for estate, gift and generation-skipping transfer taxes for tax year 2024. Estate and Gift Tax Exemption: For gifts made in 2024 and for estates of decedents who die in 2024, the federal estate and gift tax exemption amount is $13,610,000. This reflects an

Beginning January 1, 2024, the Corporate Transparency Act (the “Act”) will require certain corporations, limited liability companies, and partnerships that are registered to do business in the United States to report information about “beneficial owners” to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The purpose of the Act is to enable the U.S.

The Internal Revenue Service has issued exemption and exclusion inflation adjustments for tax year 2022.  For estate, gift and generation-skipping transfer taxes, adjusted exemptions and exclusions are as follows: For gifts made in 2022 and for estates of decedents who die during 2022, the new estate tax, gift tax and generation-skipping transfer tax exemption amount

ALERT March 27, 2020: The IRS has announced in Notice 2020-20 dated March 27, 2020 that the deadlines for filing all 2019 federal gift tax returns and for paying taxes due under those returns has been extended to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will