Federal District Court Rules Corporate Transparency Act Unconstitutional, Puts BOI Reporting in Question
On March 1, 2024. U.S. District Court for the Northern District of Alabama ruled that FinCEN’s Beneficial Ownership Information (BOI) reporting requirement enacted as part of Corporate Transparency Act (Public Law 116-283) constituted Congressional overreach and,...BENEFICIAL OWNERSHIP INFORMATION REPORTING
New Federal Reporting Requirement for Beneficial Ownership Information (BOI) Beginning on January 1, 2024, the Corporate Transparency Act went into effect, requiring many companies in the United States to report information about their beneficial owners, i.e., the...
IRS Ramps Up Tax Enforcement, Hiring 200 Attorneys
IRS Ramps Up Tax Enforcement, Hiring 200 Attorneys
Recent FBAR Cases Show Mixed Results in Taxpayers Fighting Against Aggressive Penalties
Crackdown on the offshore accounts continues to be one of the top priority issues for the IRS. In the last few years, the DOJ and the IRS have taken aggressive positions in imposing and collecting huge penalties for taxpayers’ failure to report their foreign accounts...
Time to File IRS Claim for Refund and bring Refund Suit is Extended
Due the COVID-19 pandemic, the U.S. Treasury Department and the Internal Revenue Service (IRS), have extended the deadlines to file a refund claim and to bring suit upon a claim for refund.