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 …
Background refresher on the Corporate Transparency Act: What is the CTA? – Tax Logicians The CTA imposes specific reporting requirements on entities formed under the laws of foreign (non-US) countries that would otherwise qualify for reporting exemptions (as many US investment entities will be exempt). Let’s delve into the key aspects of this regulation …
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 »
Let’s have a look at what Substantial Control under the CTA really is about. If you want a refresher on the CTA, have a look at this overview: What is the CTA? – Tax Logicians. The CTA requires the disclosure of the ultimate Beneficial Owners of all US business entities, such as corporations, certain LLCs, …
