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.
As previously shared, 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 (~32.5 million, as of January 1st, 2024) to provide the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) with far-reaching “beneficial owners information” (BOI) by January 1st, 2025.
As of December 23rd, 2024, the federal US Court of Appeals for the Fifth Circuit issued an updated ruling reinstating the CTA’s reporting requirements, overturning the Texas court’s previous ruling. FinCEN has extended the previous information submission deadlines to accommodate the ongoing implementation uncertainty.
The extended reporting deadlines are as follows:
Businesses that qualify for disaster relief may have deadlines later than those listed above. In those circumstances, those businesses have been instructed by the Fifth Circuit court to use whichever deadline date is later.
Kotz Sangster will resume filings for companies and will continue to keep our clients informed regarding future implementation of the CTA as the situation continues to evolve.
US Court of Appeals Fifth Circuit - CTA Decision December 23rd, 2024