Community Association clients should be familiar with the background and requirements for the law known as the Corporate Transparency Act (“CTA”). Congress recently enacted this law to address and curb money-laundering and...more
Have you or your professional advisers evaluated whether any entities you own, manage, or control are subject to the beneficial ownership reporting requirements of the Corporate Transparency Act (CTA)? If you've done so and...more
Under the Corporate Transparency Act (CTA), the deadline for “reporting companies” to file their initial beneficial ownership information (BOI) report with FinCEN is just over three months away. Since time seems to fly by...more
El 7/24/24, FinCEN actualizó su página de preguntas frecuentes sobre BOI (“Beneficial Ownership Information”) para incluir una pregunta nueva y una nueva actualización. FinCEN afirma que seguirá brindando orientación sobre...more
On 7/24/24, FinCEN updated its BOI FAQs page to include one new question and one new update. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating the...more
El 6/28/24, el Tesoro de los EE. UU. y el IRS emitieron regulaciones finales con una fecha de vigencia del 9/9/24 que requieren que los brokers de custodia reporten las ventas e intercambios de activos digitales a partir del...more
On 6/28/24, the U.S. Treasury and the IRS issued final regulations with an effective date of 9/9/24 requiring custodial brokers to report sales and exchanges of digital assets beginning in calendar year 2025. Meaning,...more
UPDATE: In the massive antitrust class action against Visa, Mastercard and more than 25 banks, the deadline has been extended to February 4, 2025 for victims of overpaid credit or debit card transaction fees to file a claim...more
As discussed in our three prior client alerts, effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) and rules issued thereunder by the Financial Crimes Enforcement Network (“FinCEN”) require most U.S....more
The reporting requirement under the Corporate Transparency Act took effect January 1, 2024. Now, most small businesses are required to report beneficial ownership information to the Financial Crimes Enforcement Network of the...more
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
This week, FinCEN issued new FAQs interpreting the obligations of the Corporate Transparency Act (“CTA”) that would require entities that were dissolved prior to the due date of the beneficial ownership initial report (“BOI...more
On March 29, 2024, the Financial Crimes and Enforcement Network (FinCEN) in collaboration with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union...more
The IRS recently released a revised version of Form W-9, Request for Taxpayer Identification Number and Certification, bearing a March 2024 revision date. The revised Form W-9 modifies line 3a and includes a new line 3b....more
As we discussed in parts one and two of this blog series, there’s a new compliance requirement for many small businesses: the Corporate Transparency Act. This law was designed to disrupt criminal activities such as money...more
Beginning on January 1, 2024, certain reporting companies are now required to comply with the disclosure requirements of the Corporate Transparency Act (CTA). This law aims to enhance transparency in corporate ownership,...more
Uno de los requisitos más relevantes para importar bienes a México es estar inscrito como importador. Existen dos tipos de registros, uno es el Padrón de Importadores, que pueden realizar importaciones de bienes en general, y...more
One of the most important requirements for importing goods into Mexico is to be registered as an importer under the Mexican importer’s registry. There are 2 types of registries for importers, one is for general importers...more
In January 2024, the Financial Crimes Enforcement Network (FinCEN) updated and added to its Frequently Asked Questions (FAQs) on the Beneficial Ownership Information Report (BOI) website. Additionally, on January 12, 2024,...more
The Corporate Transparency Act was passed by Congress with bipartisan support in 2021 and went into effect on January 1, 2024. Broadly speaking, the law requires private companies to file a report with the Department of...more
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published its guidance materials on March 24, 2023, to help companies understand the requirements of the Beneficial Ownership Information...more
A vast number of private businesses will face new requirements on how – and whether – they report their beneficial ownership interests to the U.S. government, effective at the start of 2024. While the time for compliance...more
El 12/30/22, el IRS emitió el Aviso 2023-11 con el propósito de proporcionar alivio de informes FATCA a las FFI Modelo 1 que no han podido obtener los TINs (“Tax ID Numbers”) de los EE. UU. para sus cuentas preexistentes que...more
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
On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn,...more