U.S. Corporate Transparency Act Reporting Requirements is put on hold—once more
In a recent development regarding enforcement of the Corporate Transparency Act (CTA) and Beneficial Ownership Information Report (BOIR), U.S. entities are once again NOT required to file their BOIRs—at least for now. On December 26, 2024, the Fifth Circuit review panel, that just days before on December 23, 2024 lifted the nationwide injunction on the CTA, vacated its decision on December 23, 2024, resulting in the injunction of the CTA remaining in enforce and meaning that U.S. entities do not currently have to file the BOIR under the CTA.
The Use of Artificial Intelligence in the Financial Industry
From the innovative uses of stones as tools, to using the wheel, and to exploring modern technology beyond the earth’s atmosphere, human beings have always embraced science and technology to enhance quality of life
Unsurprisingly, technology and finance have always shared a symbiotic relationship, as the financial industry has always embraced the possibilities of modern technology to maximize efficiency and to gain competitive advantages. Currently, artificial intelligence (AI) is such a technology. More than the buzzword du jour, AI promises…
Aroeste v. United States – Sets Precedent Relating to the Tiebreaker Clause in United States-Mexico Tax Treaty.
In Aroeste v. United States, the U.S. District Court of the Southern District of California held Mr. Aroeste is not liable for the penalties for alleged violation of the Report of Foreign Bank and Financial Accounts (FBAR) because he was a US Nonresident as determined by Article 4 of the United States-Mexico Tax Income Treaty (the Treaty) and therefore, was not required to file FBAR.
Does the Complicated Acquisition Structure Always Work or Is It More Hassle for No Benefit?
The tax implications of mergers and acquisitions are complicated and to get the right result requires tax professionals who understand the nuances of the tax classifications of the companies involved. Even if big law firms are involved, sometimes the transactions get more complicated than required even though the tax implications are no different then if the transaction occurred as originally planned under the simplified structure.
Election Aftermath: Tax Implications Impacting the Bottom Line for Corporate America and Business Owners
Basswood Counsel Co-Founder Christopher Klug shared insights on corporate and business tax implications in the post-election landscape during his presentation at the Global Chamber Baltimore/Washington (BWI) Advisory Board Fall Meeting on November 13, 2024.
Titled “Election Aftermath: Tax Implications Impacting the Bottom Line for Corporate America and Business Owners,” his presentation explored anticipated tax policy changes under the new administration and their potential effects on businesses.
Under the Basswood Tree Newsletter | Issue 1
Welcome to the first issue of ‘Under the Basswood Tree‘ —Basswood Counsel’s official newsletter!
📌What’s inside?
1. Basswood this Quarter
– Basswood Counsel official launch
– Basswood Counsel joins the Global Chamber Baltimore/Washington region
– Global Integra International Conference Recap
2. Resource Hub
– Beneficial Ownership Information registration deadline approaching