On Friday, March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that eliminates reporting requirements for domestic reporting companies via redefining “reporting company” to include...more
Sunday, March 2, 2025, the Treasury Department announced that it would not enforce penalties or fines relating to the Corporate Transparency Act against U.S. citizens or domestic reporting companies or their beneficial...more
On February 27, 2025, in a move to comply with the Treasury’s commitment to reducing regulatory burdens on businesses, FinCEN announced that it will not impose fines or penalties or take other enforcement actions against any...more
3/3/2025
/ Beneficial Owner ,
Corporate Transparency Act ,
Enforcement Actions ,
Failure-to-File ,
Filing Deadlines ,
FinCEN ,
Fines ,
Interim Final Rules (IFR) ,
New Guidance ,
Penalties ,
Reporting Requirements
This Client Alert is an update to our last alert published on January 23, 2025.
On January 23, 2025, the Supreme Court stayed the nationwide injunction issued by the Fifth Circuit, thus purportedly allowing FinCEN to...more
Tuesday, February 18, 2025, a federal judge in the Eastern District of Texas lifted the preliminary injunction that was the last legal block to FinCEN’s enforcement of the CTA’s reporting requirements....more
On Tuesday, January 28, 2025, while an injunction blocking enforcement of the CTA remains in effect, a bipartisan bill was introduced on the floor of the House of Representatives, HR 9278, titled the “Protect Small Business...more
On January 23, 2025, the Supreme Court stayed the nationwide injunction that was put in place by the Fifth Circuit barring enforcement of the CTA. This decision allows the Financial Crimes Enforcement Network (“FinCEN”) to...more
Ongoing legal challenges have left many business owners wondering whether they need to file Beneficial Ownership Information reports pursuant to the Corporate Transparency Act (CTA). As reported in a previous client alert, a...more
On New Year’s Eve, the Justice Department filed an application with the U.S. Supreme Court to request a stay on the nationwide injunction or, at a minimum, that SCOTUS narrow the reach of the injunction to only the plaintiffs...more
On December 23, 2024, a ruling was issued by the Fifth Circuit Court of Appeals staying the District Court’s preliminary injunction, effectively reinstating the ability of the Financial Crimes Enforcement Network (“FinCEN”)...more
The Corporate Transparency Act (“CTA”) went into effect January 1, 2024. The deadline for many entities to make this filing is January 1, 2025, which is fast approaching.
It is important to determine whether your entity is...more
The IRS wash-sale rule does not currently apply to cryptocurrency because the IRS considers virtual currencies to be property rather than securities. In general, a taxpayer who exchanges cryptocurrency for goods, services or...more
6/14/2023
/ Capital Assets ,
Capital Gains Tax ,
Cryptocurrency ,
Income Taxes ,
IRS ,
Tax Deductions ,
Tax Loopholes ,
Tax Losses ,
Tax Planning ,
Virtual Currency ,
Wash Sale Rules
The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions including tax rate schedules and other tax changes. Here are some key highlights...more
In a tragic car accident, at age 53, actress Anne Heche, known best for her roles in Donnie Brasco, and Six Days, Seven Nights, passed away on August 11, 2022. Heche’s two sons, Homer (age 20) and Atlas (age 13), survived...more