In every sale transaction, among the initial considerations to be addressed is the impact of the potential structure of the transaction on the ongoing conduct of the business being sold. Generally speaking, determining the appropriate transaction structure is a function of tax, continuity of business operations and legal liability. Critical in that determination is understanding…
Read more
IMPORTANT UPDATE ON BENEFICIAL OWNERSHIP REPORTING
FAQ: Corporate Transparency Act Update (12/26/2024) 1. What is the current status of the CTA? The enforcement of the reporting requirement has been reinstated and is now back in effect. 2. What are the applicable deadlines to file? a. Companies created or registered before January 1, 2024, must file by January 13, 2025 (previously January…
Read more
Corporate Transparency Act – Injunction Lifted
On December 23, 2024, the U.S. Fifth Circuit Court of Appeals in Texas Top Cop Shop, Inc., et al. v. Garland, et al, issued an order lifting the nationwide preliminary injunction against the enforcement of the CTA. In its ruling, the Fifth Circuit determined that the government had successfully demonstrated the nationwide injunction was not…
Read more
IRS Creates Standardized Form for Section 83(b) Elections
The Internal Revenue Service has introduced a standardized form for taxpayers who are making an election under Section 83(b) of the Internal Revenue Code of 1986 to be taxed on the value of certain property when it is granted rather than as it vests. This change is aimed at simplifying the process for taxpayers and…
Read more