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Category: Business Entities and Transactions

December 6, 2024 Business Entities and Transactions

Corporate Transparency Act Update

Two recent developments have occurred with the Corporate Transparency Act (CTA). **Hurricane Milton Relief** The Financial Crimes Enforcement Network (FinCEN) has granted extensions to certain filing deadlines for victims of Hurricane Milton. For eligible victims of Hurricane Helene, beneficial ownership information (BOI) reports (initial or updated) due on or between…

June 10, 2024 Business Entities and Transactions

Company-Owned Life Insurance Proceeds On Deceased Shareholder Are Included In Their Estate Tax Calculation: The United States Supreme Court Weighs In

The recent decision of the U.S. Supreme Court in Connelly v. United States, U.S., No. 23-146, 6/6/24, has thrown an enormous monkey wrench into traditional buy-sell planning for closely held businesses.  The Court held that the proceeds of life insurance on a deceased shareholder must be included in determining the…

October 11, 2022 Business Entities and Transactions

IRS Issues Rev. Proc. 2022-19 to Provide Relief for S Corporations and their Shareholders

The IRS issued Rev. Proc. 2022-19, which provides simplified procedures for S corporations and their shareholders to resolve six frequently-encountered issues. For these issues, Rev. Proc. 2022-19 allows S corporations and their shareholders to obtain relief without requesting a private letter ruling (PLR). The IRS identified these issues as not…