Corporate Transparency Act Deadlines Extended: What Businesses Must Know

empty courtroom with gavel in foreground

The nationwide injunction against enforcement of the Corporate Transparency Act (“CTA”) and its beneficial ownership information (“BOI”) reporting rule under 31 CFR 1010.380 (the “Rule”) has been stayed pending appeal, and the case expedited to the next available oral argument panel. On Dec. 23, the Fifth Circuit Court of Appeals issued an order in the…

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Injunction Halts Enforcement of Corporate Transparency Act: What’s Next?

commercial real estate buildings

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction temporarily blocking enforcement of the Corporate Transparency Act (CTA) and its reporting rule (Reporting Rule). This ruling effectively halts the requirement for reporting companies to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN)…

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How Will New Congress Impact Tax and Estate Planning Strategies?

With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress.[1] Every new Congress considers changes to the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations, which they will either propose or endorse. In general…

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Decisions, Decisions: Choice of Entity vs. Choice of Tax Classification

Before forming any entity, founders need to make two fundamental decisions: which entity type is best for their business operations and which tax classification is best for the owners. Although the entity type and tax classification can be changed after formation, some forethought before forming a business can reduce expenses, taxes, and headaches. Choice of…

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New Domestic Content Adder Guidance: ‘Buy American’ is Back

On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41,[1] which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe harbor for the domestic content bonus credit percentages for clean energy tax credits offered under the Inflation Reduction…

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Converting Office Space to Housing? There Are Incentives For That

With housing availability at record lows in many communities across the U.S., including gateway cities such as New York,[1] and commercial office space still not fully recovered from the COVID-19 pandemic,[2] the federal government is attempting to alleviate both issues by incentivizing the conversion of former office space to residential use.[3] The Biden Administration recently…

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1031 Exchanges and the Complexities of Seller Financing

With interest rates nearly the highest they’ve been in decades, but property prices still high, sellers and buyers are looking for ways to finance real estate transactions while also availing themselves of IRC § 1031’s non-recognition of taxable gains in like-kind exchanges (“1031 Exchanges”). When considering options such as seller financing in 1031 Exchanges, both…

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The Brass Tacks: IRS Creates Process for Withdrawing ERC Claims

The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims.[1] This surely will come as a relief to taxpayers who are (or were) concerned that they may have mistakenly claimed ERCs for tax years 2020-2022. As we detailed in our last…

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Gun Trusts in Estate Planning: No Time To Be Quick on the Trigger

When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws and regulations. Gun trusts are a common mechanism for ensuring ease of ownership and inheritance of certain types of firearms and other weapons…

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