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Update - 1/2/2025 - FinCEN Announces BOI Reporting is Voluntary
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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Update - 12/31/2024 - Government Appeals Corporate Transparency Act Injunction to the U.S. Supreme Court
On December 31, 2024, the U.S. Solicitor General requested the Supreme Court to stay a nationwide injunction that blocked enforcement of the Corporate Transparency Act (CTA), issued by a Texas District Court and challenged due to conflicting rulings in the Fifth Circuit Court of Appeals. The Solicitor General also proposed treating the request as a petition for the Supreme Court to review whether the District Court had authority to issue a universal injunction, potentially setting the matter for argument this term.
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Update - 12/26/2024 - Beneficial Ownership Information Reporting Requirements Now on Hold
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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Update - 12/21/2024 - CTA Filing Deadline Extension Removed from Government Funding Bill Amid Last-Minute Negotiations
The Senate voted 85-11 to approve a short-term spending bill to fund the government until March 14. The measure, signed hours later by President Biden, removed provisions intended to assist small business owners with the legality of the CTA filing deadlines.
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Congratulations Grant!
Again!On June 13, 2024 the State Bar of Arizona's Tax Section
of Attorneys elected Tax & Estate Planning Partner
Grant M. Boland, J.D., LL.M.
as the Chair of the Tax Section. -
Congratulations Grant!
The Scottsdale Bar Association (SBA) announced on April 9, 2024
that Tax & Estate Planning Partner Grant M. Boland, J.D., LL.M.
has been elected as President of the organization. -
Corporate Transparency Act is Here
The Corporate Transparency Act (CTA), enacted in 2021 and effective January 1, 2024, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. market.
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Where You Live Matters,
at least for Estate Planning
Did you know some states have estate tax, inheritance tax, both, or neither? But all states have individual laws governing how the assets of the deceased are determined, taxed and distributed.
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Making large gifts now won’t harm estates after the 2025 exemption sunset
On November 26, 2019, the IRS clarified that individuals taking advantage of the increased gift tax exclusion amount in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The IRS formally made this clarification in final regulations released that day.
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Arizona's Private Client
Estate Planners
Our guidance is multidimensional — we help clients make critical decisions that affect important personal, business, tax, civic and charitable concerns. We support and collaborate with your other key advisors to craft the optimal strategies for your family's wealth transfer objectives.
