Is your business effected? With a LegalShield Small Business plan you have unlimited advice and consultation with your law firm! Stop googling for answers and speak to an attorney!
Contact me for more information on these and our personal plans (which can also be implemented as a voluntary employee benefit)!
Is Your Business Covered by the New Corporate Transparency Act❓
The Corporate Transparency Act (CTA) became effective on Jan. 1, 2024 and its requirements cover over 32 million small businesses. Pursuant to the CTA most small businesses must file information disclosing information and identities of owners of those small businesses with the Financial Crimes Enforcement Network (“FinCEN”).
The CTA applies to limited liability companies, corporations, limited partnerships, business trusts, or any other entity that has to be registered with the Pennsylvania Secretary of State unless you fall within an exception from the reporting requirements, such as “large operating companies,” publicly traded companies or entities in industries that are regulated by other agencies, for example.
Charitable organizations, many other nonprofits such as private foundations, and trusts are generally not reporting companies and/or will fall within the large operating company exception.
Learn more: 🔗https://lnkd.in/gKrwC_Qx
.
.
#smallbusiness#charitableorganization#privatefoundation#corporatetransparency#financialcrimes#businesstrust#secretaryofstate#limitedliabilitycompany
Is Your Business Covered by the New Corporate Transparency Act❓
The Corporate Transparency Act (CTA) became effective on Jan. 1, 2024 and its requirements cover over 32 million small businesses. Pursuant to the CTA most small businesses must file information disclosing information and identities of owners of those small businesses with the Financial Crimes Enforcement Network (“FinCEN”).
The CTA applies to limited liability companies, corporations, limited partnerships, business trusts, or any other entity that has to be registered with the Pennsylvania Secretary of State unless you fall within an exception from the reporting requirements, such as “large operating companies,” publicly traded companies or entities in industries that are regulated by other agencies, for example.
Charitable organizations, many other nonprofits such as private foundations, and trusts are generally not reporting companies and/or will fall within the large operating company exception.
Learn more: 🔗https://lnkd.in/gKrwC_Qx
.
.
#smallbusiness#charitableorganization#privatefoundation#corporatetransparency#financialcrimes#businesstrust#secretaryofstate#limitedliabilitycompany
Thank you Community Associations Institute for the shoutout to Allcock & Marcus, LLC's Managing Partner, Edmund Allcock, who continues to navigate the Corporate Transparency Act through educational and informative pieces. A&M's Norm Orban., along with CCAL President, Brendan Bunn and several CCAL/CAI Members also played an instrumental role in spearheading the CAI amicus brief in the United States Court of Appeals for the 11th Circuit in National Small Business United d/b/a the National Small Business Association, et al., v. Janet Yellen, in her official capacity as Secretary of the Treasury, et al. The amicus curiae brief intends to support the National Small Business Association's case against the Federal government regarding the Corporate Transparency Act.
Reach out to Managing Partner, Edmund Allcock, who will be able to assist with the current landscape of CTA and what is expected for filing purposes for Condominiums and HOAs for the remainder of 2024. A&M Associate, David Lally will also be able to assist with filing. Ed and David are available at [email protected] and David is available at [email protected]
To that end, this case arises from a constitutional challenge by the National Small Business Association regarding the Corporate Transparency Act, a federal law requiring certain business entities to register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The case was filed in the Northern District of Alabama, with that court deciding in March 2024 that the act was unconstitutional because it exceeds Congress’ authority. The government appealed the case to the 11th Circuit, and CAI’s amicus brief was filed in support of the district court’s finding.
The Corporate Transparency Act intends to detect and report suspicious activity including predicate offenses to money laundering and terrorist finance, to facilitate tracking money that has been sourced through criminal or terrorist activity to safeguard the national security and the financial system of the U.S. Many community associations will be impacted by this new law and will have a duty to file certain beneficial ownership information with FinCEN; the filing deadline for existing corporations is set for Jan. 1.
Stay tuned as this matter that affects community associations, as well as other entities, continues to develop.
I want to recognize our Partner Edmund Allcock, Esq., for his leadership in filing suit on behalf of CAI against the U.S. Department of the Treasury, Secretary Janet Yellen, and the director of the Financial Crimes Enforcement Network. This action aims to protect CAI members (and condominium association) from the burdensome requirements of the Corporate Transparency Act.
Ed, a past President of the College of Community Association Lawyers, is joined by Brendan Bunn, Esq., CCAL fellow, and current President of the College of Community Association Lawyers, in spearheading this effort.
Norm Orban has played a critical role as well. We are all grateful for their dedication.
Your support is crucial. Consider donating to CAI’s legal fund to cover litigation costs and contact your Congressional representatives to express support for H.R. 9045 to exempt community associations from the Corporate Transparency Act.
For more information and to stay updated on developments, visit www.caionline.org/CTA.
Jake MarcusSean ReganEllen ShapiroAllcock & Marcus, LLCStephen Marcus
What to expect in 2024: The resurgence of Nil Rate Discretionary Trusts
At the tail end of 2022, all UK trusts (with a few exceptions like charitable trusts and pension schemes) had to register using HMRC’s Trust Registration Service (‘TRS’).
The TRS is a register confirming the beneficial ownership of trusts that was introduced as part of the UKs implementation of the Fourth Anti Money Laundering Directive.
Initially, registration was limited to taxable trusts but the change to including non taxable trusts saw many clients, financial institutions and practitioners alike trying to answer that all important question – is this trust registrable and if so, how do I register it?
In 2023, the private client team saw a multitude of enquiries asking this very question.
The one reoccurring trust that came up time and time again was the almost forgotten about Nil Rate Band Discretionary Trust.
Davina Puran explains what these trusts are and whether they still have a place in 2024: https://lnkd.in/eXTaR4rd
For more legal insights: https://lnkd.in/eCy4_i6u#wills&probate #estateplanning#legalmagazine
Caught between a rock and a hard place: when your former ally teams up with the opposition, trouble's brewing. Whether you're former president #Donald#Trump or just an ordinary citizen, navigating the waters of justice can be treacherous.
Check out the latest updates on the #trial:
https://lnkd.in/gdXzbjPs
In June 2009, Bernie L. Madoff, former NASDAQ chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities, LLC, was sentenced to 150 years in prison for running the largest, longest and most widespread Ponzi scheme in history.
Makes you wonder how much money could have been saved if there had been better internal controls in place.
In this white paper from Lucy Morgan of MyFedTrainer.com, she explains the goal of internal controls and how grantmaking organizations can use them to drive more impact and mitigate the risk of fraud.
The Corporate Transparency Act (CTA), effective January 1, 2024, mandates new disclosure requirements for LLCs and similar entities, directly impacting tattoo shop owners. This law requires businesses to report beneficial ownership information to FinCEN, aiming to prevent financial crimes. The article delves into compliance details, exemptions, and the legal challenges faced by the CTA, including a pivotal court decision. For tattoo shop owners navigating these changes, understanding the CTA's implications on their business is essential.
https://lnkd.in/g-fq4BqM
"Can a Beneficiary of a Trust also be a Trustee?" The question we are answering next in our #AskRL series. Read on for the full series of frequently asked questions on Trusts:
https://ow.ly/ACGW50Rirmb
While it may seem an uphill battle challenging the SEC's regulation by enforcement efforts (which of course the Commission strenuously denies ever happens), ICAN continues to fight the good fight every day and obtains great results for those it helps. Founded by a former SEC Trial Counsel who later became a BigLaw Partner at a major firm, Nick Morgan knows this area of the law well. His non-profit organization deserves a closer look, and if you are concerned about SEC overreach, your financial support. Well done Nick!
