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FinCEN Issues Additional Helpful Guidance on How to Report a Dissolution of a Company

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Sept. 10, 2024, issued four FAQs to update and clarify how reporting should be undertaken for reporting companies that are dissolved prior...more

The (Uncertain) Application of the Corporate Transparency Act to Tribal Entities

The Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Department of the Treasury (Treasury Department) charged with administering the Corporate Transparency Act (the CTA), on Aug. 1, 2024, held a Tribal...more

New FinCEN FAQ Guidance: Taxpayer ID Numbers, Disregarded Entities and Best Practices

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 24, 2024, issued two new FAQs providing guidance on 1) how to obtain a taxpayer identification number (TIN) in a manner to ensure...more

FinCEN Reference Guide Clarifies Beneficial Ownership Reporting Requirements

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 26, 2024, issued a notice containing a reference guide for customers of financial institutions (the Reference Guide). The Reference...more

FinCEN Issues New Guidance on Reporting Company Filing Requirements

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 8, 2024, issued additional FAQs1 providing guidance on Reporting Company filing requirements under the Corporate Transparency Act...more

Examining FinCEN FAQs, Proposed Legislation and Other CTA Developments [Video]

In this episode of "Corporate Transparency Talk," tax attorney Alan Granwell is joined by private wealth services attorney John Bunge and corporate attorney Michael Titens to examine recent developments related to the...more

CTA Heats Up with New FAQs, Government and Amicus Briefs and New Draft Legislation

The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...more

New York LLC Transparency Act Update: Finally, Some Clarity

The New York LLC Transparency Act (NY LLCTA) will become effective as of Jan. 1, 2026, and will require limited liability companies (LLCs) formed, or qualified to do business, in the state of New York to disclose individual...more

Federal District Court Finds Corporate Transparency Act Unconstitutional

The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more

FinCEN Proposal for Nonfinanced Purchases of Residential Real Estate and Gratuitous Transfers

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Feb. 7, 2024, issued a Notice of Proposed Rulemaking (NPRM) proposing a new nationwide reporting obligation to be imposed on settlement...more

The Corporate Transparency Act: FinCEN Clarifies the Subsidiary Rule Exemption

The Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. Under the beneficial ownership information reporting rule of the CTA, certain entities – such as corporations, limited liability companies and other...more

The Corporate Transparency Act: An Update

The Corporate Transparency Act (CTA) will be effective on Jan. 1, 2024. For the first time, the United States now will require certain legal entities to report to the federal government identifying information about the...more

A Fast Approach: The Corporate Transparency Act's Impending Impact on Business Aviation

The Corporate Transparency Act (CTA), enacted by Congress as part of the Anti-Money Laundering Act of 2020, for the first time under federal law, requires the establishment of a centralized, national beneficial ownership...more

The New IRS Selectivity Criteria for Advance Price Agreements and Renewals

The IRS has announced new rules relating to the acceptance of Advance Pricing Agreement (APA) and renewal requests. On April 25, 2023, the IRS published interim guidance (the Interim Guidance), effective as of that date, that...more

Notice 2023-7: First Peek at Corporate AMT Guidance

As promised, the U.S. Department of the Treasury (Treasury Department) and IRS on Dec. 27, 2022, issued guidance regarding the new corporate alternative minimum tax (CAMT) enacted as part of the Inflation Reduction Act (IRA)....more

FinCEN Releases Proposed Regulations for Accessing, Safeguarding Beneficial Owner Information

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued proposed regulations (Proposed Regulations) on Dec. 15, 2022, governing the disclosure, access and safeguarding of beneficial...more

FinCEN Issues Final Rule Implementing Corporate Transparency Act Requirement

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule on Sept. 29, 2022, implementing the beneficial ownership information (BOI) reporting requirement of the Corporate...more

The Most Interesting International Tax Proposals in Biden's FY 2023 Budget

This Holland & Knight alert discusses the intersection of President Joe Biden's proposed changes to the U.S. tax code, as announced in connection with his fiscal year (FY) 2023 budget, and work underway on the global stage...more

Holland & Knight's China Practice Newsletter: November-December 2021

Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics - HIGHLIGHTS: Preference Claims Clawbacks in Bankruptcy Can Disrupt a Construction...more

Offshore Lenders Targeted by IRS Audit Campaign

Since 2017, the Internal Revenue Service (IRS) Large Business and International Division (LB&I) has shifted its audit efforts to issue-based examinations, premised on strategically identified and prioritized areas of...more

U.K., U.S. Reach Competent Authority Agreement on "Equivalent Beneficiary" Status

The United Kingdom and the U.S. Competent Authorities published on July 28, 2021, a Competent Authority Agreement (the Agreement) under the bilateral U.K.-U.S. Income Tax Treaty (the U.K. Treaty). It provides for purposes of...more

Agreement on Global Tax Reform: What Happened and What's Next

Addressing the tax challenges arising from the digitalization of the economy has been a top priority of the Base Erosion Profit Shifting (BEPS) project of the Organization for Economic Cooperation and Development (OECD)/G-20...more

Biden Administration's FY 2022 Budget and International Tax Changes

A previous Holland & Knight alert provided an overview of corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 "Green Book." (See "Biden Administration's FY 2022 Budget and...more

Biden Administration's FY 2022 Budget and Its Tax Increases for Corporations, Wealthy

By way of background, the budget that the president submits to Congress contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government....more

Large Corporations and Wealthy Taxpayers Beware: The Taxman is Coming

Internal Revenue Service (IRS) Commissioner Chuck Rettig on April 13, 2021, told a U.S. Senate panel that the tax gap in the U.S. may total $1 trillion per year. In his view, the increase from prior estimates is due, in part,...more

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