• Corporate Transparency Act

    Corporate Transparency Act

    What is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or 30 days for new reporting companies .If there is any change to the required information about your company or its beneficial owners in a BOI report that your company filed, your company must file an updated report no later than 30 days after the date of the…

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  • More VDA Updates – Pennsylvania Reduces Lookback Period for Corporate Tax VDA’s

    More VDA Updates – Pennsylvania Reduces Lookback Period for Corporate Tax VDA’s

    In continuation of states that have updated their Voluntary Disclosure Agreements (“VDAs”) guidelines, the Pennsylvania Department of Revenue announces significant changes to the eligibility prerequisites for Pennsylvania VDAs, applicable to agreements entered into on or after August 1, 2023. Specifically this applies to taxpayers with liabilities from Pennsylvania “corporation taxes.” The department revises the “lookback period” for corporation taxes under VDAs. The previous lookback span of five years, along with the current year, has been adjusted to a new framework of three years plus the ongoing year. This is a great change for taxpayers looking to become compliant in the…

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  • IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers

    IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers

    For people that have been enjoying trading digital assets, there are some unfortunate news in the horizon. The IRS has unveiled draft regulations mandating that brokers report transactions involving digital assets carried out by their clients. (Introduction to Proposed Regulation REG-122793-19; IRS Announcement 2023-153) These proposed regulations address various issues related to digital assets such as disclosing proceeds to the IRS through a new Form 1099-DA. For transactions involving digital assets occurring on or after January 1, 2025, the draft regulations would compel brokers to detail gross proceeds as well as to furnish statements to their clients. In specific scenarios,…

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