On March 2, 2025, and February 27, 2025, the US Department of the Treasury (Treasury) and the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury, made significant announcements regarding the Beneficial...more
On February 18, 2025, the US District Court for the Eastern District of Texas in Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, entered an order staying (pausing) the nationwide preliminary injunction against...more
2/20/2025
/ Beneficial Owner ,
Corporate Transparency Act ,
Enforcement Actions ,
Filing Deadlines ,
Filing Requirements ,
Financial Crimes ,
FinCEN ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Small Business
On January 23, 2025, the Supreme Court of the United States issued a stay of the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) (31 U.S.C. § 5336) and the Beneficial Ownership...more
On December 26, 2024, in response to an emergency motion for rehearing filed by plaintiffs, the US Court of Appeals for the Fifth Circuit reinstated the nationwide preliminary injunction against enforcement of the Corporate...more
12/30/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Compliance ,
Corporate Transparency Act ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays
On December 23, 2024, in response to an emergency motion by the US Department of Justice, the US Court of Appeals for the Fifth Circuit stayed the nationwide preliminary injunction against enforcement of the Corporate...more
12/27/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Smaller Reporting Companies ,
Stays ,
Time Extensions
The Corporate Transparency Act (CTA) introduces beneficial ownership reporting requirements effective January 1, 2024, for new and existing companies. Below is an overview of the new reporting obligations imposed by the CTA....more
12/19/2023
/ Beneficial Owner ,
Corporate Transparency Act ,
Financial Institutions ,
FinCEN ,
Jurisdiction ,
Law Enforcement ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
National Security ,
Ownership Interest ,
Penalties ,
Reporting Requirements ,
Smaller Reporting Companies
McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more
12/4/2023
/ Charitable Donations ,
Corporate Transparency Act ,
Cryptocurrency ,
Employees ,
Employer Liability Issues ,
Estate Planning ,
Estate Tax ,
Family Offices ,
FinCEN ,
Gifts ,
Green Book ,
High Net-Worth ,
Internal Revenue Code (IRC) ,
IRS ,
Mergers ,
Reporting Requirements ,
Tax Deductions ,
Trusts ,
U.S. Treasury ,
Wealth Management ,
Wills
Beginning January 1, 2024, the US Corporate Transparency Act (CTA) will require “reporting companies” to submit a report to the Financial Crimes Enforcement Network (FinCEN) containing personal information about the reporting...more
There has been a growing trend of US taxpayers contributing non-cash assets, such as appreciated property, securities and cryptocurrency, into Maltese pension plans since the US-Malta Tax Treaty went into effect in 2011....more
The Corporate Transparency Act (CTA) has the potential to reshape the privacy landscape for family offices, while also introducing considerable compliance burdens and legal risk.
Join Daniel Bell and Sebastian Orozco...more
On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, holding that the Internal Revenue Service (IRS) lacked the statutory authority to both assess tax penalties under Internal Revenue Code (Code)...more
On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, ruling that the Internal Revenue Service (IRS) could neither assess tax penalties under Internal Revenue Code (Code) Section 6038(b) against Alon...more
On December 11, 2020, and by a veto-proof majority, the US Senate joined the House of Representatives in passing the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the...more
The IRS announced on March 13, 2018, that it will begin to ramp down the current OVDP and urged taxpayers with undisclosed foreign assets to apply for the program before it closes on September 28, 2018....more
The Internal Revenue Service (IRS) recently modified the non-willfulness certification form that individual taxpayers must submit to enroll in the streamlined filing compliance procedures (SFCP). SFCP is a program offered by...more
Our Focus on Private Equity provides a global perspective on some of the challenges being faced by PE firms and how these can be successfully addressed. It also examines some of the many opportunities available, e.g., by...more
9/9/2015
/ Abuse of Dominance ,
China ,
Corruption ,
Data Privacy ,
Data Protection ,
Delisting ,
Dodd-Frank ,
Due Diligence ,
Employee Privacy Rights ,
European Court of Justice (ECJ) ,
Exit Tax ,
Expatriates ,
France ,
FRAND ,
Gender Equity ,
Germany ,
Injunctions ,
Investors ,
Management Fees ,
New Legislation ,
Oil & Gas ,
Oil Prices ,
Patent Infringement ,
Patent Litigation ,
Patents ,
Private Equity ,
Private Equity Funds ,
Quotas ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Standard Essential Patents ,
Transparency ,
UK ,
White Collar Crimes