The United States has started with a bang for 2024 with respect to transparency initiatives. The initiatives affect real estate, financial and business sectors. This alert provides a brief overview of the developments in...more
3/6/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Geographic Targeting Order ,
Investment Adviser ,
National Security ,
Real Estate Transfers ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
It’s official: the Corporate Transparency Act (the “Act”) has gone into effect January 1, 2024. On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) issued its second final rule establishing the framework...more
1/2/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Final Rules ,
FinCEN ,
New Regulations ,
Ownership Interest ,
Popular ,
Regulatory Requirements ,
Reporting Requirements
On November 29, 2023, the Financial Crimes Enforcement Network (FinCEN) issued final guidance that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports...more
12/1/2023
The U.S. government just averted a government shutdown this past Saturday (or at least punted for another 45 days). In the last three weeks all signals from the Financial Crimes Enforcement Network (“FinCEN”) suggests the...more
10/3/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NPRM ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Evasion
On March 24, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial...more
4/4/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
International Tax Issues ,
New Guidance ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
As we have previously written about, reporting under the Corporate Transparency Act (“CTA”) will go into effect January 1, 2024. Before we get to the first CTA reporting, we note the deadline for another important non-tax...more
On January 17, 2023, the Financial Crimes Enforcement Network (FinCEN) published a notice seeking public comment on the application that will be used by individuals to obtain a unique FinCEN Identifier (a “FinCEN ID”),...more
FinCEN Proposes the Second Installment to the Corporate Transparency Act -
On December 15, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (the "Notice") in relation to the...more
1/11/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
British Virgin Islands ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
NPRM ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
As we previously reported, on January 1, 2021, the US enacted into federal law the Corporate Transparency Act (the “Act”), which is a new national beneficial ownership reporting regime for US companies and certain non-US...more
In a blog post early last year, we reported on the passage of the Corporate Transparency Act (“CTA”) enacted on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021. As previously...more
1/20/2022
/ Beneficial Owner ,
Closely Held Businesses ,
Corporate Structures ,
Corporate Transparency Act ,
Estate Planning ,
Financial Crimes ,
FinCEN ,
Foreign Corporations ,
NDAA ,
Ownership Interest ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Trustees
On June 29, 2021, Florida enacted the Florida Uniform Directed Trust Act ("FUDTA") and the Community Property Trust Act ("CPTA"). Florida will now have a more robust law whereby “trust directors” can be granted powers in a...more
On May 28, the U.S. Treasury Department released its general explanation of the Biden Administration's U.S. tax proposals. Commonly referred to as the "Green Book," the explanation outlines the new U.S. tax proposals set...more
On April 1, 2021, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (the "Notice") seeking public comment on a myriad of issues related to the implementation of a beneficial...more
4/29/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
National Security ,
NDAA ,
NPRM ,
Public Comment ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The Florida legislature is currently in the advanced stages of enacting legislation that will make critical changes to the Florida Trust Code. The legislation (SB 1070/HB 609) would enact the Florida Uniform Directed Trust...more
On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more
3/26/2021
/ Beneficiaries ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
High Net-Worth ,
Legislative Agendas ,
Proposed Legislation ,
Tax Planning ,
Tax Reform
Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more
3/16/2021
/ Domicile ,
Estate Tax ,
Florida ,
Homestead Exemption ,
Income Taxes ,
Inheritance Tax ,
Local Taxes ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform
In a previous post, we discussed the tax implications for U.S. beneficiaries who receive a distribution from a foreign trust. That discussion assumed that the trust in question was, in fact, a foreign trust for U.S. federal...more
It didn’t take very long for 2021 to bring about federal legislation that could significantly impact, or at least cause massive administrative headaches for, domestic and international private clients and their holding...more
While it is hard to imagine there could be anything advantageous about today's uncertainties and depressed asset values, the following factors, coupled with historically low interest rates...more
8/19/2020
/ Asset Management ,
Asset Valuations ,
Estate Planning ,
Estate Tax ,
Interest Rates ,
Intra-Family Loans ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Transfer of Assets ,
Trump Administration ,
Wealth Management
On April 21, 2020, the U.S. Treasury Department and the Internal Revenue Service released three forms of guidance directed at non-U.S. individuals and non-U.S. businesses affected by travel disruptions arising from the...more
These are interesting times that we live in, to say the least. The outbreak of the coronavirus has dramatically changed the course of day-to-day life, even if only for a temporary period. Quarantines and travel restrictions...more