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Beneficial Ownership Information

All articles tagged with #beneficial ownership information

legal1 year ago

Federal Court Halts Enforcement of Corporate Transparency Act Nationwide

A Texas federal court has issued a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), ruling it likely unconstitutional. The CTA required millions of U.S. companies to report beneficial ownership information to the Treasury's Financial Crimes Enforcement Network by January 1, 2025. The court found that the CTA overstepped congressional powers and threatened constitutional rights, thus companies are not required to comply with the reporting deadline. The decision is subject to appeal, potentially reaching the Supreme Court.

via The National Law Review|
#beneficial-ownership-information#constitutionality#corporate-transparency-act
finance1 year ago

Navigating the Corporate Transparency Act: Key Deadlines and Compliance Tips

The Forbes Tax Breaks newsletter discusses the low compliance rate with the Beneficial Ownership Information (BOI) reporting requirement, with only 20% of businesses having filed with FinCEN. The newsletter also covers potential changes to the Tax Cuts and Jobs Act provisions set to expire in 2025, including the state and local tax deduction cap. Additionally, it addresses the potential rollback of green tax incentives, such as the electric vehicle tax credit, under President-elect Donald Trump. The newsletter highlights the ongoing debate over the taxation of Social Security benefits and provides updates on tax deadlines and events.

via Forbes|
#beneficial-ownership-information#corporate-transparency-act#electric-vehicle-tax-credit
legal-business1 year ago

"Federal Judges Declare Corporate Transparency Laws Unconstitutional"

A federal district court in Alabama has ruled the Corporate Transparency Act unconstitutional, stating that while the legislation may have sensible goals, it exceeds the limits of Congress's powers under the Constitution. The act requires reporting of beneficial ownership information by businesses, but the court found that it does not fall within Congress's foreign affairs or Commerce Clause authority. The court also rejected the argument that the act is a necessary and proper exercise of Congress's taxing power. The ruling grants a motion for summary judgment in the case of National Small Business United v. Yellen, and the AICPA continues to push for suspension of the reporting rule.

via Journal of Accountancy|
#beneficial-ownership-information#corporate-transparency-act#federal-court
finance2 years ago

"FinCEN's New Beneficial Ownership Reporting Guidance Burdens Small and Medium Business Owners"

FinCEN has issued additional guidance on beneficial ownership information reporting, clarifying privacy issues, reporting requirements for U.S. territories, handling disputes, corporate ownership, company applicants, identification documents, residential addresses, FinCEN identifiers, and the use of third-party service providers. The guidance provides detailed information on who is required to report, what information needs to be reported, and how to comply with the reporting requirements, including specific scenarios and exceptions.

via Forbes|
#beneficial-ownership-information#finance#fincen