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CTA Update: Nationwide Preliminary Injunction Reinstated
The U.S. Court of Appeals for the Fifth Circuit has once again altered the legal landscape regarding the Corporate Transparency Act (CTA). On December 26, 2024, the court reinstated a nationwide preliminary injunction, pausing the enforcement of the CTA, including the associated filing deadlines. For the moment, companies are once again not required to submit reports
CTA Update: Nationwide Preliminary Injunction Lifted
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the nationwide injunction on the Corporate Transparency Act (CTA), reinstating its enforceability. As a result, reporting companies and their beneficial owners are once again subject to the CTA’s requirements, necessitating the submission of beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). In response,
Connelly v. IRS: Tax Implications for Life Insurance in Business Succession Planning
Tax Implications for Life Insurance in Business Succession Planning Co-Author: Blake S. Gabriel The recent Supreme Court decision in Connelly v. United States, has introduced significant legal and tax considerations for business owners involved in succession and estate planning using life insurance policies. The Court’s ruling determined that a company-held life insurance policy on a deceased
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