After a whirlwind of twists, turns, and legal uncertainty, the U.S. Department of the Treasury ("Treasury") has halted enforcement of the Corporate Transparency Act (CTA), bringing relief to small businesses navigating the complex requirements of beneficial ownership information (BOI) reporting.
A Fifth Circuit Court of Appeals review panel has once again blocked Corporate Transparency Act (CTA) reporting requirements for businesses pending a final decision by the panel on the constitutionality of the law.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that prohibits the federal government from enforcing the Corporate Transparency Act (CTA) on a variety of constitutional grounds.
An important new federal law, the Corporate Transparency Act, requires certain entities to report beneficial owner information beginning January 1, 2024. Click here for more information.
Estate Planning Insights Apr/May 2023
With the tax in effect, it is important for taxpayers to understand the application of the tax on their transactions; the considerations may differ depending on the property to be sold or exchanged and the individuals or entities involved, among other factors.
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