As the fourth quarter approaches, entities should be aware of their Corporate Transparency Act (CTA) compliance obligations. A company is considered a “reporting company” under the CTA if it is formed by making a filing with...more
A federal court recently ruled that the Corporate Transparency Act (CTA) is unconstitutional. In a lengthy opinion issued on March 1, the US District Court for the Northern District of Alabama explained that the CTA may be a...more
The Corporate Transparency Act will now require certain entities to register with FinCEN by 2025.
There are new filing requirements under the Corporate Transparency Act mandating that LLCs and other entities (corporations...more
2023 was a pivotal year for the emerging companies, creating new categories of winners and losers across the board. Emerging companies incorporating artificial intelligence or that have clear line of sight to positive cash...more
2/20/2024
/ Acquisitions ,
Artificial Intelligence ,
Corporate Executives ,
Corporate Transparency Act ,
Down Rounds ,
Early Stage Companies ,
Emerging Growth Companies ,
Entrepreneurs ,
Estate Planning ,
Federal Trade Commission (FTC) ,
Financing ,
FinCEN ,
FTC Endorsement Guidelines ,
Funding ,
Intellectual Property Protection ,
Investors ,
Mergers ,
Non-Compete Agreements ,
Proposed Rules ,
Ransomware ,
Reporting Requirements ,
Social Media ,
Startups ,
The Copyright Act ,
Venture Capital ,
Wage and Hour ,
Websites
The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers. Beyond the election, there are other note-worthy developments, along with several highly anticipated tax law cases that...more
2/16/2024
/ Child Tax Credit ,
Employee Retention ,
Enforcement Actions ,
Green Energy ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
OECD ,
SCOTUS ,
Tax Code ,
Tax Credits ,
Tax Cuts and Jobs Act
After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023, with...more
2/16/2024
/ Artificial Intelligence ,
Corporate Transparency Act ,
Debt ,
Employee Definition ,
Employee Retention ,
FinCEN ,
Hospitality Industry ,
Insurance Industry ,
Liability ,
Minimum Wage ,
NLRB ,
Popular ,
Ransomware ,
Real Estate Market ,
Reporting Requirements ,
Restaurant Industry ,
Supply Chain ,
Tax Credits ,
Tipped Employees
On January 1, the Corporate Transparency Act (CTA) went into effect. Among other things, the CTA requires entities organized under state law (“reporting companies”) to provide certain ownership information to the Financial...more
Yesterday, the chairmen of the Senate Finance Committee and the House Ways and Means Committee introduced The Tax Relief for American Families and Workers Act of 2024 (the Act), which proposes changes to the child tax credit,...more
1/18/2024
/ Child Tax Credit ,
Employee Retention ,
Low Income Housing ,
Proposed Amendments ,
Regulatory Reform ,
Research and Development ,
Senate Finance Committee ,
Tax Credits ,
Tax Relief ,
Taxation ,
Ways and Means Committee
The US Financial Crimes Enforcement Network (FinCEN) released several new FAQs this month to provide further clarity on the Corporate Transparency Act’s (CTA) provisions....more
The Corporate Transparency Act (CTA) became effective on January 1. The CTA creates a new national database of companies, maintained by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), to...more
As we discussed in our September 25 alert, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the Internal Revenue Service (IRS) previously...more
ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed...more
On November 29, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule extending the Corporate Transparency Act (CTA) deadline to file initial beneficial ownership information (BOI)...more
As we highlighted in the Family Office Newsletter’s pages in June, the Corporate Transparency Act (CTA) is slated to go into effect on January 1, 2024. Under the law, many newly formed and existing entities organized under...more
The Inflation Reduction Act (IRA), enacted in August 2022, appropriated billions of dollars in additional funding to the Internal Revenue Service (IRS). The IRS has begun allocating funds, including investing in artificial...more
10/11/2023
/ Artificial Intelligence ,
Audits ,
Compliance ,
Enforcement ,
FBAR ,
GAO ,
Hedge Funds ,
Inflation Reduction Act (IRA) ,
IRS ,
Publicly-Traded Companies ,
Real Estate Investments
On June 26, the US Supreme Court agreed to hear the appeal of Moore v. United States, a development that reverberated throughout the world of tax. The Moore case deals with the constitutionality of the transition tax under...more
Family offices routinely create, manage, and invest in multiple entities, including corporations, limited liability companies, and partnerships. For entities formed or operating in the United States, there has never been a...more
6/9/2023
/ Beneficial Owner ,
Broker-Dealer ,
Charitable Trusts ,
Corporate Transparency Act ,
Disclosure Requirements ,
Family Offices ,
FinCEN ,
Investment Adviser ,
Investment Companies ,
Limited Liability Company (LLC) ,
Partnerships ,
Tax Exempt Entities ,
U.S. Treasury ,
Venture Capital
The Inflation Reduction Act of 2022, which was signed into law on August 16, 2022, enacted a new 1% excise tax on certain repurchases of the stock of publicly traded corporations, codified in Section 4501 of the Internal...more
1/12/2023
/ Excise Tax ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Liquidation ,
Netting Agreements ,
New Guidance ,
Private Investment in Public Equity (PIPEs) ,
Special Purpose Acquisition Companies (SPACs) ,
Stock Redemption ,
U.S. Treasury
Following the enactment of the Inflation Reduction Act (IRA) on August 16, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) recently issued six notices (the “Notices”) requesting comments on...more
Knowing who owns legal entities is essential to stopping terrorism, money laundering, and other sophisticated criminal enterprises. For entities formed in the United States there has never been a requirement to disclose...more
10/12/2022
/ Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Disclosure Requirements ,
Final Rules ,
FinCEN ,
IRS ,
Money Laundering ,
New Regulations ,
Ownership Interest ,
Penalties ,
Taxpayer Identification Number
The US Internal Revenue Service (IRS) recently released Notice 2022-36, in which the IRS announced that it is automatically waiving (and automatically abating, refunding, or crediting, as appropriate) penalties for failure to...more
Projects that produce or recycle wind turbine blades, manufacture energy storage equipment, or refine or blend renewable or low-carbon fuels may qualify for up to a 30 percent tax credit under the Inflation Reduction Act...more
This week, President Biden signed legislation designed to infuse billions of dollars into the economy to promote clean energy, manufacturing, and construction through a wide array of tax incentives and grants. ...more
Today, President Joe Biden signed into law the Inflation Reduction Act of 2022 (the “Act”). Although the proposal further restricting the availability of long-term capital gain treatment with respect to carried interests...more
The Inflation Reduction Act of 2022 (IRA), has several primary goals, including: promoting clean energy, manufacturing, and construction through a wide array of tax incentives and grants; raising revenue through the primary...more