Week 5 – CTA Update Series

Week 5 – CTA Update Series

In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1. The...
Week 5 – CTA Update Series

2024 Federal and State Updates

SS Social Media Tax Update 2/9/24 As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond.     Pennsylvania • For tax years beginning on or after January 1, 2023 for PA...
Week 5 – CTA Update Series

Self-Employment Tax and Limited Partners

December 12, 2023 Tax Memo RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of...
Week 5 – CTA Update Series

Week 4 – CTA Update Series

In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows: A domestic reporting company is a...
Week 5 – CTA Update Series

Tax Bill Changes for 2023

Subject: Important Update for Tax Year 2023 We have been closely monitoring the legislative developments in Congress, and a bill is on the verge of being passed that will have a direct impact on the treatment of taxes. Specifically, the bill proposes the following:...
Week 5 – CTA Update Series

Week 3 – CTA Update Series

Week 3 of our CTA Update Series – Due Dates and Penalties Initial Report Due Dates for Beneficial Ownership Information (BOI) Reporting:      – Existing Entities (created/registered by 12/31/2023) – must file by 1/1/25. – New entities (created/register in...
Week 5 – CTA Update Series

Week 2 – CTA Update Series

Week 2 of our CTA Update Series – Who is exempt from BOI Reporting The following is a listing of entities that are not subject to CTA reporting: i. Securities reporting issuer ii. Governmental authority iii. Bank iv. Credit union v. Depository institution holding...
Week 5 – CTA Update Series

CORPORATE TRANSPARENCY ACT FACT SHEET

CORPORATE TRANSPARENCY ACT FACT SHEET   Who Needs To Report: -Domestic Reporting Companies – Corps, LLC or other entity created by filing with a Secretary of State. -Foreign Reporting Companies – Corps, LLC and other entities created under foreign law and registered...
Stephano Slack Establishes Tri-State Footprint With Merger of New Jersey-Based Morgenstern Waxman Ellershaw, LLC

Future VC Equity Contracts Anything But Simple For Taxes

Originally published in Financial Advisor Magazine. A simple agreement for future equity (SAFE) is a contract between an investor and a company that provides rights to the venture capital investor for equity down the road. Interested clients need to know that,...
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