Pursuant to Internal Revenue Code Section (“Code §”) 2801, if you are a “U.S. Beneficiary” - who is the recipient of a gift or bequest from, or a distribution from a trust established by, a former U.S. citizen or former Green...more
The recent volatility in the stock market, ongoing trade wars, and talks of further increases to the federal debt ceiling have intensified concerns in recent months around economic uncertainty and the risk of recession. ...more
5/9/2025
/ Beneficiaries ,
Budget Reconciliation ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
High Net-Worth ,
Interest Rates ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Trusts ,
Wealth Management
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