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Reporting Requirements Internal Revenue Service Employer Identification Number (EIN)

Polsinelli

Disregarded Entity Eligibility for the CTA Large Operating Company Exemption

Polsinelli on

As discussed in detail below, the Corporate Transparency Act (CTA) provides an exemption to its reporting requirements for certain large operating companies (the Large Operating Company Exemption or “LOC Exemption”). In order...more

Haynsworth Sinkler Boyd, P.A.

Navigating FinCEN Compliance: Quickly Approaching Deadlines for Businesses formed before 2024

A variety of businesses, such as LLCs, LLPs, partnerships, and corporations, formed before January 1, 2024, have until January 1, 2025, to file their initial report with the Department of Treasury’s Financial Crimes...more

Holland & Knight LLP

New FinCEN FAQ Guidance: Taxpayer ID Numbers, Disregarded Entities and Best Practices

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 24, 2024, issued two new FAQs providing guidance on 1) how to obtain a taxpayer identification number (TIN) in a manner to ensure...more

Downs Rachlin Martin PLLC

Corporate Transparency Act Imposes New Federal Reporting Requirement On Businesses

Background - In January 2021, the United States Congress passed the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. This law, while intended to prevent criminal actors from hiding and...more

Willcox & Savage

An Intro to the Corporate Transparency Act

Willcox & Savage on

A federal law adopted in 2021 takes effect on January 1, 2024, and imposes reporting obligations on many entities that may not be accustomed to reporting much information. This article provides a brief overview of the law,...more

Cozen O'Connor

New IRS Reporting Rule Could Bite Unwary Foreign Investors

Cozen O'Connor on

There are two main sources of reporting requirements for foreign investors in the United States — the Internal Revenue Service and the Bureau of Economic Analysis. The IRS recently upped its game by requiring reports from...more

Cadwalader, Wickersham & Taft LLP

In Wake of the Panama Papers, Treasury Proposes New Reporting Requirements for Foreign-Owned Legal Entities

On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification...more

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