Alyse N. Pelavin

Loeb & Loeb LLP are most popular: within Employment and HR and Real Estate and Construction topic(s) New York state tax law currently provides that a New York resident person, including a trust, that owns stock that is qualified small business stock (QSBS) under Section 1202 of the Internal Revenue Code is exempt from state income tax on the proceeds of the sale of the QSBS to the same extent that the taxpayer is exempt under federal law.

Key Takeaways The last nationwide injunction enjoining enforcement of the Corporate Transparency Act (CTA) has been lifted. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most companies to file beneficial ownership information (BOI) to March 21, 2025. What Happened? On Jan. 7, 2025, a federal district court in Texas issued a nationwide order that temporarily put enforcement of the CTA on hold.

Reporting Requirements Take Effect on Jan. 1, 2024 Entities should prepare to comply with a new law requiring entities to report beneficial ownership information to the U.S. government Who has to report?