Courts The original deadline for entities subject to the U.S. Corporate Transparency Act (CTA) which were formed prior to January 1, 2024 was January 1, 2025. However, as a result of litigation in the U.S. federal courts, two nationwide injunctions were issued by different judges in two separate cases in the U.S. District Court for the Eastern District of Texas. The plaintiffs in each of these cases claimed CTA violates the U.S. Constitution. The first nationwide injunction (

The U.S. Supreme Court issued the following on January 23, 2025: “Application (24A653) for stay presented to Justice Alito and by him referred to the Court is granted. The December 5, 2024 amended order of the United States District Court for the Eastern District of Texas, case No. 4:24–cv–478, is stayed pending the disposition of the appeal in the United States Court of Appeals for the Fifth Circuit and disposition of a petition for a writ of certiorari, if such a writ is ti

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will remain open an additional month for FATCA and CRS registration and reporting submissions. Instead of closing on Friday, January 31, 2025 at 5PM ET, the portal will close on Friday, February 28, 2025 at 5PM ET. Once the portal closes, Financial Institutions can contact the Bahamas Competent Authority at helpdesk@taxreporting.finance.gov.bs or information@taxreporting.finance.go

Your confidence in the American legal system may be going down by the day but there is yet another CTA / BOI legal update. On Thursday night (December 26, 2024), the U.S. Court of Appeals for the Fifth Circuit put the injunction against the Corporate Transparency Act back into place. This means that once again filing a CTA Beneficial Ownership Information Report (BOIR) is voluntary not mandatory. On December 27, 2024, FinCEN (the agency responsible for CTA / BOIRs) issued an

In a busy day for the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) announced tonight (December 23, 2024) that it was providing the following extensions: Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.) Reporting companies cre

On December 23, 2024, in Texas Top Cop Shop, Inc. v. Garland, the U.S. Court of Appeals for the Fifth Circuit stayed the preliminary injunction on enforcement of the Corporate Transparency Act (CTA) previously imposed by the U.S. District Court for the Eastern District of Texas on December 3, 2024. Since the preliminary injunction was put into place on December 3, 2024, there was no legal requirement to submit CTA Beneficial Ownership Information Reports (BOIRs) and associa

On December 3, 2024, there was an unexpected order by the U.S. District Court for the Eastern District of Texas. The court issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning whether CTA violates the U.S. Constitution. Since then, there have been additional filings by FinCEN to the courts. The following provides a very basic breakdown of where we stand. Potential Short Term Outcomes FinCEN (the agency respons

On December 3, 2024, there was an unexpected order by the U.S. District Court for the Eastern District of Texas. The court issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning whether CTA violates the U.S. Constitution. Judge Amos L. Mazzant stated in Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.): “Having determined that Plaintiffs have carried their burden, the Court GRANT

On October 28, 2024, the U.S. Internal Revenue Service (IRS) issued Notice 2024-78 which allows certain Model 1 Foreign Financial...

The IRS announced the Public Key for FATCA filing will expire on November 1, 2024. For those financial institutions (FIs) who submit...

The Bahamas Competent Authority announced the FATCA and Common Reporting Standard (CRS) portal will open for FATCA and CRS registration and reporting submissions on Friday, October 4, 2024 at 9 AM ET. The portal will close on Friday, January 31, 2025 at 5PM ET. Once the portal closes, Financial Institutions can contact the Bahamas Competent Authority at helpdesk@taxreporting.finance.gov.bs or information@taxreporting.finance.gov.bs . For assistance, please contact me via my

Changes are being made to the bar exam which will result in the elimination of wills and trusts as a test subject. These changes will...

In July 2024, the U.S. Internal Revenue Service (IRS) announced that it updated the FATCA Registration System to enhance security. For...

On June 27, 2024, the U.S. and Switzerland signed a new FATCA agreement changing Switzerland from a Model 2 IGA jurisdiction to Model 1 IGA jurisdiction starting in 2027. Model 2 IGA The U.S.-Switzerland Model 2 Intergovernmental Agreement (IGA) entered into force on June 30, 2014. Pursuant to the U.S.-Switzerland Model 2 IGA, Swiss Participating Foreign Financial Institutions (PFFIs) submit annual FATCA reporting directly to the U.S. Internal Revenue Service (IRS) after obta

The British Virgin Islands International Tax Authority (BVI ITA) posted the video from its live June 5, 2024 program for custodial institutions, depository institutions, and specified insurance companies subject to the Common Reporting Standard (CRS). The 45-minute video covers CRS filing requirements, CRS financial institution deactivation, and the BVIFARS payment portal. To watch on the BVI ITA website: https://bviita.vg/library/ita-webinar-5-june-24/ Also included on this

June 15, 2024 is World Elder Abuse Awareness Day. How are you protecting your loved ones and clients from elder financial exploitation?...