Most grandparents know about the annual gift tax exclusion, but what about larger wealth transfers? From pot trusts to 529 plans, explore the strategies that can help you leave a meaningful legacy for your grandchildren.
Fourteen attorneys at Kotz Sangster have been recognized by DBusiness Magazine as "Top Lawyers" in Metro Detroit.
Kotz Sangster has been recognized in Michigan's regional-specific areas by Best Law Firms®, ranked by Best Lawyers in America®. Additionally, fourteen of the firm's attorneys have been recognized in the 32nd Edition of Best Lawyers as well as in the 5th Edition of Best Lawyers: Ones to Watch.
On Tuesday, December 3rd, 2024, the US District Court for the Eastern District of Texas issued an order specifically prohibiting the federal government’s enforcement of the Corporate Transparency Act (CTA), which was enacted January 1st, 2024.
The Act requires all applicable US companies (estimated at approximately 32.5 million, as of January 1st, 2024) to provide the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) with in-depth, wide-reaching information regarding the company’s ownership and individuals who directly benefit from the company’s operations. Before the order to halt enforcement, the deadline for existing companies to submit their “beneficial owners information” (BOI) to FinCEN was January 1st, 2025.
The Texas Court was the second to rule against the CTA’s constitutionality, while three other courts across the country have ruled in favor of the Act’s constitutionality and implementation. In their ruling, the Court noted the substantial, irreparable harm that would befall the companies the Act applied to, specifically informing applicable companies that they would not need to submit information by the Act’s January 1st, 2025 reporting deadline.
While this injunction is not permanent and FinCEN still allows companies to submit their BOI information, Kotz Sangster will suspend filings for companies until the injunction is overturned on appeal. We will continue to keep our clients informed regarding future implementation of the CTA as the situation continues to evolve.