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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies
WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement , the Financial Crimes Enforcement Network...
C. Richard Wilkins
Mar 221 min read
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FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
On February 27, 2025 FinCEN issued an ANNOUNCEMENT Â that it will not issue any fines or penalties or take any other enforcement actions...
C. Richard Wilkins
Feb 281 min read
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UPDATE: BENEFICIAL OWNERSHIP INFORMATION Reporting
On February 18, 2025, the U. S. District Court for the Eastern District of Texas lifted the stay on enforcement of the Beneficial...
C. Richard Wilkins
Feb 201 min read
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UPDATE: FIFTH CIRCUIT COURT OF APPEALS REINSTATES INJUNCTION ON BENEFICIAL OWNERSHIP INFORMATION REPORTING
On December 23, 2024, the U. S. Court of Appeals for the Fifth Circuit Court lifted the nationwide injunction issued on December 3, 2024...
C. Richard Wilkins
Dec 28, 20241 min read
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UPDATE: FIFTH CIRCUIT COURT OF APPEALS LIFTS INJUNCTION ON BENEFICIAL OWNERSHIP INFORMATION REPORTING
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the nationwide injunction issued on December 3, 2024 on enforcement of...
C. Richard Wilkins
Dec 26, 20241 min read
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FinCEN STAYS MANDATORY SUBMISSION OF BENEFICIAL OWNERSHIP INFORMATION
On December 3, 2024, the United States District Court for the Eastern District of Texas issued an order granting a nationwide preliminary...
C. Richard Wilkins
Dec 18, 20241 min read
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LIFE INSURANCE PROCEEDS FOR REPURCHASE OF DECEASED BUSINESS OWNER’S STOCK MAY RESULT IN ESTATE TAX LIABILITY
On June 6, 2024, the Supreme Court of the United States ruled in Connelly v. United States that proceeds of a life insurance policy...
C. Richard Wilkins
Jul 18, 20241 min read
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FEDERAL COURT HOLDS CORPORATE TRANSPARENCY ACT UNCONSTITUTIONAL
In a decision released on Friday, March 1, 2024, Judge Liles C. Burke of the U. S. District Court for the Northern District of Alabama...
C. Richard Wilkins
Mar 5, 20241 min read
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IRS PROVIDES TAXPAYERS RELIEF FROM 2020 AND 2021 TAX RETURN PENALTIES
The Internal Revenue Service announced on December 19, 2023 new penalty relief for individuals, businesses and tax-exempt organizations...
C. Richard Wilkins
Dec 28, 20231 min read
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TAXING AUTHORITY’S RETENTION OF TAX SALE PROCEEDS EXCEEDING TAX DEBT UNCONSTITUTIONAL
In an opinion issued May 25, 2023, the Supreme Court of the United States ruled that retention by a County of tax sale proceeds in excess...
C. Richard Wilkins
May 31, 20231 min read
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TAX DEADLINE EXTENDED TO OCTOBER 16 FOR DISASTER AREA TAXPAYERS
On February 24, 2023, the Internal Revenue Service announced that taxpayers in parts of Alabama now have until October 16, 2023, to file...
C. Richard Wilkins
Mar 8, 20231 min read
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SECURE 2.0 Act of 2022
The SECURE 2.0 Act of 2022 was passed by Congress in late 2022 as part of the Consolidated Appropriations Act of 2023 and was signed into...
C. Richard Wilkins
Feb 9, 20231 min read
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FTC PROPOSES RULE TO BAN NONCOMPETE CLAUSES
On January 5, 2023, the Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers....
C. Richard Wilkins
Jan 17, 20231 min read
19 views
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