News & Analysis as of

Beneficial Owner Tax Reform

Eversheds Sutherland (US) LLP

Tax Bytes: Week of February 24, 2025

Tax developments - Other countries’ response to United States position on the Global Tax Deal - On Friday, President Trump issued a memo discussing his administration’s intent to defend US companies from unfair foreign...more

Bennett Jones LLP

2024 Taxation Year Reporting Exemption for Bare Trusts

Bennett Jones LLP on

On October 29, 2024, the Canada Revenue Agency (CRA) announced that bare trusts are once again exempt from filing the T3 Income Tax and Information Return (including Schedule 15 regarding beneficial ownership information of a...more

Rivkin Radler LLP

Tax Compliance: Self-Assessment, Transparency, and Enforcement

Rivkin Radler LLP on

NY’s Almost There- Back in June of this year, New York’s legislature passed a bill that, if enacted, would create the first state-level public database with information regarding the ownership of limited liability...more

Foodman CPAs & Advisors

Penalty of $25,000 for Foreigners with a 25% ownership stake or control of a U.S. legal entity that fail to file Form 5472

Form 5472 is an Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.  The purpose of Form 5472 is to provide information when “reportable transactions” occur...more

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