On February 27, 2025, FinCEN announced that companies won’t face fines or penalties if they miss the current deadlines for filing their beneficial ownership information (BOI) reports—March 21, 2025, for most businesses. FinCEN also plans to issue an interim final rule by March 21, 2025, to extend BOI reporting deadlines. Further, FinCEN intends to seek…
On December 3, 2024, the United States District Court issued a preliminary decision in Texas Top Cop Shop, Inc. v. Garland, temporarily halting the enforcement of the Corporate Transparency Act (CTA), a federal law requiring businesses to disclose detailed ownership information to the government. Why Businesses Challenged the CTA The Corporate Transparency Act aimed to…
The Lawsuit The National Small Business Association (NSBA), a non-profit representing over 65,000 businesses across the United States, filed a lawsuit against the US Department of the Treasury and Treasury Secretary Janet Yellen. They claimed that the Corporate Transparency Act’s mandatory disclosure rules went beyond Congress’s authority outlined in Article I of the US Constitution…
Starting on January 1, 2024, the Corporate Transparency Act (CTA) will require certain business entities to file a report detailing the ownership of their entity. Lawmakers designed this new law to combat money laundering, tax fraud, and other illegal acts. For this reason, if you have an entity as part of your existing estate plan,…
The Corporate Transparency Act, or the CTA, enhances corporate transparency to combat money-laundering, terrorism, tax evasion, and other financial crimes. It does so by setting up a national database that identifies the humans behind the companies. This database helps law enforcement sift through companies used for nefarious purposes. The Objectives of the Corporate Transparency Act…
The California Department of Tax and Fee Administration (CDTFA) launched an audit in 2021 investigating an arrangement between Apple and the city of Cupertino. The arrangement began in 1998 using a 1950s law that looks at orders based on the sale location. In other words, online orders are taxed based on the company’s location, not…
A limited liability company (LLC) can own some of your bank accounts and property. For this reason, including a limited liability company in your estate plan can be a great tool. Doing so can protect the wealth that you’ve worked hard for. What Is an LLC? An LLC combines the advantages of a partnership or…
By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act. This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change…