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FinCEN › Reporting Requirements › Trusts

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of... more +
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -
Allen Barron, Inc.

A Foreign Trust Creates Complex IRS Reporting Requirements

Allen Barron, Inc. on

The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a...more

Allen Barron, Inc.

Beneficial Ownership Information Form – Less than a Month to Come Into Compliance

Allen Barron, Inc. on

Hopefully, by now, you’ve become aware of the Beneficial Ownership Information Form, commonly referred to as the BOI Form or BOI Report. The Financial Crimes Enforcement Network (FinCEN) finalized rules for this report late...more

Proskauer Rose LLP

Key Concerns for Trusts and Estates Pertaining to the Corporate Transparency Act

Proskauer Rose LLP on

The Corporate Transparency Act (CTA), passed into law on January 1, 2021 in an effort to crack down on money laundering and other financial crimes, requires certain entities to report their beneficial owners to the federal...more

K&L Gates LLP

Corporate Transparency Act Requires Action by Year End: Your Estate Plan Could Be Impacted

K&L Gates LLP on

If you manage or own an interest in a limited liability company (LLC) or another type of entity that does not already have a public filing requirement (a Reporting Company), you may be subject to a reporting requirement under...more

White and Williams LLP

Simplifying Trustee Compliance with the Corporate Transparency Act

White and Williams LLP on

Under the Corporate Transparency Act (“CTA”), every "reporting company" needs to file a Beneficial Ownership Information (“BOI”) report by January 1, 2025. For entities formed during 2024, this BOI report is due within 90...more

Cozen O'Connor

FinCEN Issues Final Regulation Requiring the Reporting of Certain Non-Financed, Residential Real Estate Transfers

Cozen O'Connor on

On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) issued a final rule requiring real estate professionals involved in real estate closings and settlements to...more

Saul Ewing LLP

What Trustees Need to Know About the Corporate Transparency Act

Saul Ewing LLP on

According to the introductory paragraph of the guidelines issued by the Financial Crimes Enforcement Network (“FinCEN”) of the United States Treasury, “[i]llicit actors frequently use corporate structures such as shell and...more

Winstead PC

The Corporate Transparency Act Requires Reporting of Beneficial Owners

Winstead PC on

The Corporate Transparency Act (the "CTA") became effective on January 1, 2024, requiring many corporations, limited liability companies, limited partnerships, and other entities to register with and report certain...more

Farella Braun + Martel LLP

John Wick - What You Need To Know about the Corporate Transparency Act

Farella Braun + Martel LLP on

Welcome to The Verdict: Estate Planning Through Film. In episode two, host Hons Yung is joined by Farella Braun + Martel's Greg LeSaint to discuss the movie John Wick and the Corporate Transparency Act (CTA). Greg breaks...more

Tucker Arensberg, P.C.

A New Federal Reporting Requirement Has Been Established for Non-Financed Transfers of U.S. Residential Real Estate to a Trust or...

Tucker Arensberg, P.C. on

On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued its “Anti-Money Laundering Regulations for Residential Real Estate Transfers” (the “Final Rule”), to become effective December 1, 2025. This Final...more

Lowenstein Sandler LLP

The Real (Estate) Deal: FinCEN’s New Reporting Requirements for Property Transfers

Lowenstein Sandler LLP on

In response to illicit finance risks identified in the U.S. residential real estate sector, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced the issuance of its long-anticipated...more

BCLP

The CTA’s Impact on Trusts

BCLP on

The Corporate Transparency Act (CTA) and its reporting requirements has now gone live as of the first of this year and applies to nearly all existing and future entities (corporations, partnership and limited liability...more

Goodwin

The Corporate Transparency Act: Overview and Estate-Planning Considerations

Goodwin on

The new Corporate Transparency Act (CTA) was enacted to prevent and combat the illegal use of shell companies to launder funds, evade taxes, and commit other financial crimes. To accomplish its mission, the CTA requires...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

Keating Muething & Klekamp PLL

FinCEN Issues Additional Guidance for HOAs and Trusts under the Corporate Transparency Act

Keating Muething & Klekamp PLL on

On April 18, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued additional FAQs relating to the Corporate Transparency Act (the “CTA”). More specifically, FinCEN provided helpful guidance pertaining to the...more

Clark Hill PLC

The Corporate Transparency Act's Impact On Charities and Tax-Exempt Entities (Updated)

Clark Hill PLC on

The Corporate Transparency Act (the “CTA”) became effective Jan. 1, 2024. The CTA’s goal is to reduce money laundering and other financial crimes by requiring the reporting of ownership and control information of businesses...more

Holland & Knight LLP

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

Holland & Knight LLP on

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

ArentFox Schiff

What Private Companies Need To Consider in 2024: Top 10 Legal Issues

ArentFox Schiff on

Private companies and their owners face ever-evolving challenges as the market sees new regulations, new deal trends, and new risks in 2024. Below are 10 issues that the owners and leaders of privately held companies should...more

Levenfeld Pearlstein, LLC

What Troubled Company Fiduciaries Need to Know About the Corporate Transparency Act – Sooner Rather Than Later

Levenfeld Pearlstein, LLC on

January 1, 2024, was a milestone for small businesses and their owners, as well as bankruptcy trustees, receivers, and chief restructuring officers (“CRO” and collectively, “Troubled Company Fiduciaries”) of small businesses...more

Sheppard Mullin Richter & Hampton LLP

Trust and Estate Considerations With the Corporate Transparency Act

Sheppard Mullin Richter & Hampton LLP on

The Corporate Transparency Act (“CTA”) was enacted as part of the National Defense Authorization Act and establishes that certain types of business entities must report to the Financial Crimes Enforcement Network (“FinCEN”)...more

Katten Muchin Rosenman LLP

Estate Planning and Corporate Transparency Act Reporting

Katten Muchin Rosenman LLP on

The Corporate Transparency Act (CTA) is effective on January 1 and requires "Reporting Companies" to disclose specific information to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Below is a...more

Mintz

Compliance with the Corporate Transparency Act Necessary for Many Estate Planning Clients

Mintz on

Reporting requirements under the Corporate Transparency Act (CTA) will go into effect beginning January 1, 2024. Under the CTA, many business entities formed or registered in the US will be required to provide the personal...more

Saul Ewing LLP

What Trustees Need to Know About the Corporate Transparency Act

Saul Ewing LLP on

Introduction - The introduction to the final regulations issued under the Corporate Transparency Act (“CTA”) by the Financial Crimes Enforcement Network of the United States Treasury (“FinCEN”) states that, “[i]llicit actors...more

McDermott Will & Emery

West Coast Forum 2023 | Key Takeaways

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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

Seward & Kissel LLP

FinCEN Imposes New Reporting Requirements on LLCs and Other Entities

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The Corporate Transparency Act (the “CTA”), a set of new regulations being implemented by the Financial Crimes Enforcement Network (“FinCEN”), requires entities newly formed or registered to do business in the United States...more

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