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Final FinCEN Beneficial Ownership Reporting Rules Pose Compliance Issues for LLCs Owned by Foreign Charities
| Posted on January 12, 2023 at 6:25 PM |
On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury (“Treasury”), issued final regulations (“final CTA regulations”) implementing section 6403 of the Corporate Transparency Act (“CTA”), enacted as part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. Beneficial ownership reporting requirements under the final regulations ar...
Read Full Post »Corporate Tax Proposals in House Ways and Means Committee Summary
| Posted on September 13, 2021 at 5:05 PM |
Introduction; Summary of Proposed Tax Reforms. On September 13, 2021, the Ways and Means Committee of the United States House of Representatives released a section-by-section summary (“Summary”) of revenue provisions accompanying a $3.5 trillion budget plan released by Senate Democrats on August 9, 2021. The tax-increase provisions would be under Subtitle I of a forthcoming budget reconciliation bill that Congressional Democrats intend to approve witho...
Read Full Post »FinCEN Compliance with Corporate Transparency Act of 2020
| Posted on August 11, 2021 at 11:40 AM |
Introduction. On January 1, 2021, the Corporate Transparency Act of 2020 (“CTA”) was enacted into law as part of H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”). The CTA added Section 5336 to the Bank Secrecy Act, 31 U.S.C. sections 5311 et seq., originally enacted in 1970 (“BSA”). On April 5, 2021, the United States Department of Treasury (“Treasury”) and Financial Crimes Enforcement ...
Read Full Post »Update - Suspension of IRS Form 990 Schedule B Disclosure Rules by NYS AG following Americans for Prosperity v. Bonta
| Posted on August 2, 2021 at 10:50 AM |
On July 29, 2021, the Office of the New York State (NYS) Attorney General (AG), Charities Bureau announced suspension of the IRS Form 990 Schedule B disclosure requirement by tax-exempt organizations as part of Form CHAR500 filing required under NYS charitable solicitation laws, Exec. L. Article 7-A (or "Announcement"). The Announcement follows the July 1, 2021, Supreme Court decision (or "SCOTUS") in Americans for Prosperity v. Bonta, 594 U.S. __ (2021), in which the...
Read Full Post »U.S.-Swiss Tax Treaty Benefits for Dividend Payments to IRAs Under the 2021 CAA
| Posted on July 29, 2021 at 5:40 PM |
Schedule B Contributor Disclosure by Charities After Americans for Prosperity Foundation v. Bonta
| Posted on July 12, 2021 at 3:40 PM |
Introduction. After more than a decade of litigation, the California Attorney General's ("AG’s") IRS Form 990, Schedule B disclosure requirement was struck down by the United States Supreme Court in Americans for Prosperity Foundation v. Bonta, Case No. 19-251 (July 1, 2021) (“Bonta”). The Bonta decision affects U.S. jurisdictions that require charities to disclose Schedule B to the state AG pursuant to the charitable solicitation laws of th...
Read Full Post »COBRA Premium Assistance Requirements for Exempt Employers
| Posted on June 7, 2021 at 10:30 AM |
On April 7, 2021, the United States Department of Labor (“DOL”) issued guidance interpreting the premium assistance requirements for employers providing group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). On May 18, 2021, Treasury and the IRS published Notice 2021-31 containing interpretive tax guidance for COBRA premium assistance, including the employment tax credit av...
Read Full Post »IRS Confirms Temporary Full Deduction for Employee Virtual Business Meals
| Posted on April 8, 2021 at 11:45 AM |
On April 8, 2021, the IRS issued Notice 2021-25 (the "Notice") confirming availability of a temporary 100-percent deduction under section 274 of the Internal Revenue Code of 1986, as amended ("Code") for meals ordered by employees for virtual events from restaurants. Code section 274(n) recently was amended by coronavirus relief legislation under section 210 of the Taxpayer Certainty and Disaster Relief Tax Act of 2020 (the "Taxpayer Certainty Act"). The provision permitted empl...
Read Full Post »Compliance Items for Foreign Investors Under the Corporate Transparency Act of 2020
| Posted on January 6, 2021 at 4:20 PM |
Introduction. On January 1, 2021, the United States Senate passed H.R. 6395, the National Defense Authorization Act, 2021 (“NDAA”) over the Presidential veto. The NDAA is slated to be enacted. Division F of the NDAA incorporates the Corporate Transparency Act of 2020 (“CTA”). An earlier version of the CTA, H.R. 2513, was passed by the House of Representatives in 2019. The CTA substantially revised and expanded H.R. 2513. The CTA ad...
Read Full Post »Full Deductibility of Business Meals for Employee Virtual Events Under H.R. 133
| Posted on December 22, 2020 at 1:35 AM |
On December 21, 2020, Congress released the text of, and subsequently voted to approve the Consolidated Appropriations Act, 2021 (the "Act"), more than 5,000 pages in length. The Act provides extensive year-end Covid-19 relief. Section 210 of the Taxpayer Certainty and Disaster Relief Tax Act of 2020 (“Taxpayer Certainty Act”), part of the Covid-19 relief package, allows an employer a full deduction for certain business meals the expense for which an e...
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