Publications
The Biggest Issue You Have Never Heard of - Complying with the Corporate Transparency Act
Are you an owner of a business, of real estate, or of other property organized as a corporation, limited liability company, limited partnership or other entity created by filing with a Secretary of State office? If yes, then you and your company will need to file information with the Treasury Department on yourself, your company, and every beneficial owner of an interest in your company starting January 1, 2024. If you do not, you face a fine up to $10,000, up to 2 years in jail, or both for each failure to report. Get started now. how to comply with the strict requirements of the new Corporate Transparency Act. (CTA). Determine whether the CTA applies to you and your company and if so, what you will need to report
Exiting The US: Procedure And Taxes
A number of US citizens talk of leaving the country, few understand how complicated and lengthy the process can be. Covered expatriates
The law covers people who leave and are either: 1) US citizens or, 2) long-term permanent residents who have held green cards for eight of the last fifteen years who give up their green card. Both are subject to an immediate "Exit Tax" on unrealized gains on their assets, both in the US and worldwide, including grantor trusts and future gifts to US citizens and residents.
The New Biden Green Book: Tax Law Changes And Unintended Consequences
The Coming Storm
Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .
The Year Ahead - Proposed Tax Changes And Their Impact.
Tomorrow, January 2oth, Joe Biden will be sworn in and for the first time since 2009, the Democrats will control the White House, the House, and the Senate (though with Vice President Harris providing the tie-breaking vote). During the campaign there where a number of proposals, here are some:
● Increase corporate tax rates from 21% to 28%,
● For companies with over $100 million in net annual income, a corporate minimum tax of 15%, though net operating losses and foreign tax credits still apply,
● Increase the Global Intangible Low-Tax Income tax rates, imposed on foreign subsidiaries of US companies, from 10.5% to 21%,