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Articles by Richard E. Aderman
Treasury Department Indefinitely Suspends Enforcement Of CTA Against US Citizens And Domestic Reporting Companies
On March 2, 2025, the U.S. Department of Treasury announced that fines or penalties under the Corporate Transparency Act (CTA) will not be enforced against U.S. citizens or domestic reporting companies or their beneficial owners under the existing reporting deadlines and/or after forthcoming rule changes take effect at a later date. The current position of this administration is that the CTA will never be enforced against U.S. reporting companies or their beneficial owners.
FinCEN Announces No Fines, Penalties, Or Other Enforcement Actions With CTA Deadlines
On Feb. 27, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. FinCEN intends to issue an interim final rule no later than March 21 that extends the BOI reporting deadlines.
Treasury Department Indefinitely Suspends Enforcement of CTA Against US Citizens and Domestic Reporting Companies
On March 2, 2025, the U.S. Department of Treasury announced that fines or penalties under the Corporate Transparency Act (CTA) will not be enforced against U.S. citizens or domestic reporting companies or their beneficial owners under the existing reporting deadlines and/or after forthcoming rule changes take effect at a later date. The current position of this administration is that the CTA will never be enforced against U.S. reporting companies or their beneficial owners.
FinCEN Announces No Fines, Penalties, or Other Enforcement Actions With CTA Deadlines
On Feb. 27, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. FinCEN intends to issue an interim final rule no later than March 21 that extends the BOI reporting deadlines.
UPDATE: Corporate Transparency Act (CTA) Is In Effect AGAIN
On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government's motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) the court previously issued in the case of Smith, et al. v. U.S. Department of the Treasury, et al., (Case No. 6:24-cv-00336). As a result, the CTA is in effect again. Given the issuance of the stay, the Financial Crimes Enforcement Network (FinCEN) has issued a notice – available here.
UPDATE: Corporate Transparency Act (CTA) Is in Effect AGAIN
On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) the court previously issued in the case of Smith, et al. v. U.S. Department of the Treasury, et al., (Case No. 6:24-cv-00336). As a result, the CTA is in effect again. Given the issuance of the stay, the Financial Crimes Enforcement Network (FinCEN) has issued a notice – available here.
CTA Compliance On Hold
On Dec. 3, 2024, the U.S. District Court for the Eastern District of Texas entered a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA). The District Court issued an opinion and order in the case of Texas Top Cop Shop, Inc., et al. v. Merrick Garland, Attorney General of the United States (Case No. 4:24-cv-478). The court found that the CTA likely is unconstitutional. The court granted the plaintiffs' motion for a preliminary injunction, finding, ". . . the CTA . . .
IRS Ruling Confirms Entities With No Assets Or Income Can Qualify As REITs
The IRS released private letter ruling (PLR) 202440007 on Oct. 4, ruling that a REIT that produced no income and had no assets during its first year was not precluded from being a REIT. Amongst other reasons, the IRS cited basic mathematics, noting with respect to the income tests and asset tests that "95% of $0 equals $0" and "75% of $0 equals $0", respectively. This is a fact pattern that arises more frequently than one would expect.
Final Regulations Provide Clarity And Create New Issues For Domestically Controlled REITs
On April 24, 2024, the Treasury Department promulgated final regulations regarding the requirements for a qualified investment entity (QIE) to be considered a domestically controlled QIE (DC QIE) for purposes of Sections 897 and 1445,1 such Sections more commonly known as FIRPTA (the regulations finalize proposed regulations issued on Dec. 29, 2022).
Final Regulations Provide Clarity and Create New Issues for Domestically Controlled REITs
1 such Sections more commonly known as FIRPTA (the regulations finalize proposed regulations issued on Dec. 29, 2022). DC QIE status is an exception to the general rule that the disposition of a U.S. real property holding corporation (USRPHC) by a non-U.S. person is subject to Foreign Investment in Real Property Tax Act (FIRPTA) tax withholding. Specifically, the sale of stock in a USRPHC2 that qualifies as a DC QIE by a non-U.S. shareholder is not subject to FIRPTA tax withholding.
Employee Treatment Of Owners In A Limited Liability Company
To print this article, all you need is to be registered or login on Mondaq.com. For federal income tax purposes, a person may not be treated as both a "member" and an "employee" of a limited liability company (an "LLC").
Employee Treatment Of Owners In A Limited Liability Company
To print this article, all you need is to be registered or login on Mondaq.com. For federal income tax purposes, a person may not be treated as both a "member" and an "employee" of a limited liability company (an "LLC").
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