At present (December 16, 2024), compliance with the Corporate Transparency Act is not required. Compliance, in the form of filing beneficial owner reports, may be done on a voluntary basis. This change is a result of a recent US federal district court decision which issued a nationwide injunction on CTA compliance. This court case …
Part II: Has the CTA been over-ruled ? – Injunction Time Read More »
The recent (March 1, 2024) US court ruling[i] in federal district court deemed the Corporate Transparency Act (“CTA”) unconstitutional. FinCEN subsequently (March 4, 2024) stated it will not require compliance with the CTA for the plaintiffs in the case; the plaintiffs generally being members of the (US) National Small Business Association (“NSBA. On March …
Watch our latest video for a short (13 minute) overview of how the CTA can interact with foreign trust structures which invest into the United states. This link goes to the Youtube version of the video: Tax Logicians Trusts and the CTA Nov 8 2023 – YouTube If you want a refresher on …
The new Corporate Transparency Act & Foreign Trusts Read More »
Merci de votre patience, bientôt les pages du site seront disponibles en français, et des guides et des articles de blog viendront par la suite. Merci – L’Équipe Tax Logicians
Let’s unravel the IRS’s Form 5472 requirements in the context of a single member LLC owned by a non-US person. Form 5472 Demystified Form 5472, officially titled the “Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business,” is your IRS tool to spill the beans …
Form 5472 Requirements for Single Member LLC Owned by a Non-US Person Read More »
The world of US tax and disclosure compliance is filled with a mess of acronyms and initialisms; here is a short glossary to help find your way. 1. FBAR (Foreign Bank Account Report) The FBAR, also known as FinCEN Form 114, is a report filed with the Financial Crimes Enforcement Network (FinCEN) of the U.S. …
