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Corporate Transparency Act Tax Exemptions

Seyfarth Shaw LLP

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 2: CTA Compliance for Subsidiaries of Tax-Exempt...

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This article provides Corporate Transparency Act (CTA) guidance to tax-exempt organizations with subsidiaries. For a general overview of CTA compliance for nonprofit and tax-exempt organizations, please see Part 1: When to...more

Seyfarth Shaw LLP

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 1: When to File a Beneficial Ownership Information...

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The Corporate Transparency Act (CTA) took effect on January 1, 2024 and some U.S. nonprofits and tax-exempt organizations are still debating how the CTA applies to them. This article provides newly-formed and existing...more

Winstead PC

Texas Franchise Tax Update: Key Exemptions and Reporting Changes for Businesses

Winstead PC on

Always forgetting to file your Texas Franchise Tax Reports on time? Starting in 2024, you might find yourself exempt from this task. ...more

Seyfarth Shaw LLP

Growing Clarity: FinCEN Continues to Update Beneficial Ownership Reporting FAQs

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On April 18, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding to Corporate Transparency Act compliance (CTA) by updating and expanding the Beneficial Ownership Information Reporting...more

Sherman & Howard L.L.C.

What Nonprofit Leaders Need to Know About the Corporate Transparency Act

Organizations across the country are grappling with how to comply with the Corporate Transparency Act (“CTA”), which went into effect on January 1. Fortunately for nonprofit organizations, federally tax-exempt entities are...more

Dickinson Wright

Nonprofit Organizations and the Corporate Transparency Act

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Effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) requires most corporations, limited liability companies, and other registered entities to report Beneficial Ownership Information (“BOI”) to the U.S....more

Clark Hill PLC

The Corporate Transparency Act's Impact On Charities and Tax-Exempt Entities

Clark Hill PLC on

The Corporate Transparency Act (the “CTA”) became effective on Jan. 1. The CTA’s goal is to reduce money laundering and other financial crimes by requiring the reporting of ownership and control information of businesses...more

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

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In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more

Rivkin Radler LLP

Not-for-Profits and the CTA

Rivkin Radler LLP on

Recently, there has been extensive reporting about the federal Corporate Transparency Act, or the “CTA,” the stated objective of which is to enhance transparency in entity structure and ownership in order to combat money...more

ArentFox Schiff

The Nonprofit Sector Need Not Apply: The Corporate Transparency Act and its Tax-Exempt Organization Exemptions

ArentFox Schiff on

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed...more

Lathrop GPM

The Corporate Transparency Act and Tax-Exempt Organizations

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Beginning January 1, 2024, many types of legal entities must report information regarding their “beneficial owners” and certain other information (collectively, “BOI”) to the Financial Crimes Enforcement Network (“FinCEN”)....more

Fox Rothschild LLP

The Corporate Transparency Act’s Effects on Nonprofits

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The Corporate Transparency Act (CTA), a new federal financial reporting law that will take effect on Jan. 1, 2024, is a hot topic in the corporate world these days. However, nonprofits also need to be aware of the law, which...more

Arnall Golden Gregory LLP

2024 Brings Estate Planning Opportunities, Significant Reporting Obligations

Wealthy families should consider taking advantage of the favorable estate planning environment that 2024 brings. Next year, the estate, gift, and generation-skipping transfer tax exemptions, which are adjusted annually for...more

Ballard Spahr LLP

Corporate Transparency Act FAQs

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1. What Is the Corporate Transparency Act and Why Was It Enacted? Congress enacted the Corporate Transparency Act (CTA) on January 1, 2021, to address concerns that the inaccessibility of U.S. companies’ beneficial ownership...more

Partridge Snow & Hahn LLP

The Corporate Transparency Act – Is Your Nonprofit Exempt?

Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules...more

Lowenstein Sandler LLP

Preparing Your Company for FinCEN’s Beneficial Ownership Reporting Requirements

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements...more

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