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
4/30/2024
/ Beneficial Owner ,
Constitutional Challenges ,
Corporate Counsel ,
Corporate Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Criminal Code ,
Department of Justice (DOJ) ,
Fifth Amendment ,
FinCEN ,
Fourth Amendment ,
Homeowners Association (HOA) ,
Penalties ,
Proposed Legislation ,
Reporting Requirements ,
Small Business ,
Trusts ,
U.S. Treasury
The New York LLC Transparency Act (NY LLCTA) will become effective as of Jan. 1, 2026, and will require limited liability companies (LLCs) formed, or qualified to do business, in the state of New York to disclose individual...more
3/21/2024
/ Annual Reports ,
Attestation Requirements ,
Beneficial Owner ,
Corporate Governance ,
Corporate Transparency Act ,
Disclosure Requirements ,
Effective Date ,
Exemptions ,
Filing Deadlines ,
Limited Liability Company (LLC) ,
Reporting Requirements ,
State and Local Government
The National Small Business Association (NSBA) and a small business owner (also a member of the NSBA) filed a lawsuit on Nov. 15, 2022, in the U.S. District Court for the Northern District of Alabama challenging the...more
3/6/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Beneficial Owner ,
Commerce Clause ,
Congressional Authority ,
Constitutional Challenges ,
Corporate Transparency Act ,
Financial Crimes ,
FinCEN ,
Foreign Relations ,
Legal History ,
National Security ,
Reporting Requirements ,
Small Business ,
Summary Judgment ,
Taxing Power
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
2/27/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Cash Transactions ,
Corporate Transparency Act ,
FinCEN ,
Geographic Targeting Order ,
GTO ,
NPRM ,
Proposed Regulation ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Real Estate Market ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
Title Insurance ,
Trusts ,
U.S. Treasury
The Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. Under the beneficial ownership information reporting rule of the CTA, certain entities – such as corporations, limited liability companies and other...more
1/17/2024
/ Beneficial Owner ,
Corporate Governance ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Deadlines ,
Exemptions ,
Final Rules ,
Financial Crimes ,
FinCEN ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements ,
Subsidiaries
The Corporate Transparency Act (CTA) will be effective on Jan. 1, 2024. For the first time, the United States now will require certain legal entities to report to the federal government identifying information about the...more
The Corporate Transparency Act (CTA), enacted by Congress as part of the Anti-Money Laundering Act of 2020, for the first time under federal law, requires the establishment of a centralized, national beneficial ownership...more
9/6/2023
/ Aircraft ,
Anti-Money Laundering ,
Aviation Industry ,
Beneficial Owner ,
Corporate Crimes ,
Corporate Transparency Act ,
Corruption ,
Financial Crimes ,
FinCEN ,
Money Laundering ,
Reporting Requirements ,
Shell Corporations ,
Special Purpose Vehicles ,
Tax Fraud ,
Terrorism Funding
The IRS has announced new rules relating to the acceptance of Advance Pricing Agreement (APA) and renewal requests. On April 25, 2023, the IRS published interim guidance (the Interim Guidance), effective as of that date, that...more
As promised, the U.S. Department of the Treasury (Treasury Department) and IRS on Dec. 27, 2022, issued guidance regarding the new corporate alternative minimum tax (CAMT) enacted as part of the Inflation Reduction Act (IRA)....more
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued proposed regulations (Proposed Regulations) on Dec. 15, 2022, governing the disclosure, access and safeguarding of beneficial...more
12/23/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Data Collection ,
FinCEN ,
Intelligence Services ,
Law Enforcement ,
Legislative History ,
National Intelligence Agencies ,
National Security ,
Proposed Regulation ,
Shell Corporations
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule on Sept. 29, 2022, implementing the beneficial ownership information (BOI) reporting requirement of the Corporate...more
10/7/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Officers ,
Directors ,
Domestic Corporations ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Reporting Requirements ,
Securities Exchange Act ,
U.S. Treasury
This Holland & Knight alert discusses the intersection of President Joe Biden's proposed changes to the U.S. tax code, as announced in connection with his fiscal year (FY) 2023 budget, and work underway on the global stage...more
Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics -
HIGHLIGHTS:
Preference Claims
Clawbacks in Bankruptcy Can Disrupt a Construction...more
11/1/2021
/ Audits ,
Bankruptcy Code ,
Bankruptcy Preferences ,
Caremark claim ,
China ,
Clawbacks ,
Commercial Bankruptcy ,
Construction Project ,
Corporate Governance ,
Defense Strategies ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
IRS ,
Multinationals ,
Nasdaq ,
Offshore Funds ,
Securities and Exchange Commission (SEC)
Since 2017, the Internal Revenue Service (IRS) Large Business and International Division (LB&I) has shifted its audit efforts to issue-based examinations, premised on strategically identified and prioritized areas of...more
The United Kingdom and the U.S. Competent Authorities published on July 28, 2021, a Competent Authority Agreement (the Agreement) under the bilateral U.K.-U.S. Income Tax Treaty (the U.K. Treaty). It provides for purposes of...more
8/9/2021
/ EU ,
Foreign Equivalency Determination ,
International Tax Issues ,
IRS ,
Member State ,
NAFTA ,
Tax Treaty ,
U.S. Treasury ,
UK ,
UK Brexit ,
United States-Mexico-Canada Agreement (USMCA)
Addressing the tax challenges arising from the digitalization of the economy has been a top priority of the Base Erosion Profit Shifting (BEPS) project of the Organization for Economic Cooperation and Development (OECD)/G-20...more
A previous Holland & Knight alert provided an overview of corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 "Green Book." (See "Biden Administration's FY 2022 Budget and...more
6/11/2021
/ Biden Administration ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Tax ,
Foreign Tax Credits ,
GILTI tax ,
Green Book ,
International Tax Issues ,
Multinationals ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Rates ,
Tax Reform ,
U.S. Treasury
By way of background, the budget that the president submits to Congress contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government....more
6/4/2021
/ Appropriations Bill ,
Biden Administration ,
Corporate Taxes ,
Federal Budget ,
Green Book ,
Internal Revenue Code (IRC) ,
IRS ,
OECD ,
Proposed Legislation ,
Tax Reform ,
U.S. Treasury
Internal Revenue Service (IRS) Commissioner Chuck Rettig on April 13, 2021, told a U.S. Senate panel that the tax gap in the U.S. may total $1 trillion per year. In his view, the increase from prior estimates is due, in part,...more
5/7/2021
/ Biden Administration ,
Congressional Committees ,
Congressional Investigations & Hearings ,
Corporate Taxes ,
Cryptocurrency ,
Income Taxes ,
IRS ,
Large Business & International Division (LB&I) ,
Offshore Funds ,
Proposed Legislation ,
Tax Audits ,
Tax Evasion ,
Tax Haven ,
Tax Loopholes ,
Tax Reform ,
Wealth Tax
The American Families Plan is the third part of the Biden Administration's Build Back Better agenda, addressing "human infrastructure" and containing proposals on free education, direct support to children and families, and...more
The American Jobs Plan is a proposal to increase investment in infrastructure, the production of clean energy, the care economy and other priorities. The Made in America Tax Plan (Tax Plan) is the vehicle to pay for the...more
4/16/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Base Erosion Tax ,
Biden Administration ,
Corporate Taxes ,
Foreign Corporations ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Infrastructure ,
Inversion ,
Legislative Agendas ,
OECD ,
Tax Rates ,
Tax Reform
During the run-up to the November presidential election, then-candidate Joe Biden previewed his tax priorities to enact a more progressive tax code to roll back "giveaways" to wealthy individuals and corporations under the...more
4/9/2021
/ Biden Administration ,
Budget Reconciliation ,
Corporate Taxes ,
Federal Budget ,
Legislative Agendas ,
OECD ,
Parliamentary Procedure ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Rates ,
Tax Reform
The latest U.S. Department of the Treasury Report reflects that a record 6,047 individuals expatriated during the first three quarters of 2020. This compares to the previous annual record…...more
The U.S. Treasury Inspector General for Tax Administration (TIGTA) recently audited the Internal Revenue Service's (IRS) programs to ensure compliance by expatriates with the provisions under Sections 877 and 877A of the...more
In 2017, the IRS Large Business & International Division (LB&I) announced a new audit strategy known as "campaigns" that focused on issue-based rather than entity-based examinations, and focusing on those issues that present...more