Business Planning

Corporate Transparency Act Preliminarily Enjoined Nationwide by a Texas Federal Court

The Corporate Transparency Act (CTA) News The CTA requires reporting companies to file a report with the Financial Crimes Enforcement Network, known as FinCen, by January 1, 2025. Reporting companies must provide beneficial ownership formed or registered to do business before January 1, 2024, and within 90 days following formation. On December 3, 2024, the […]

New Beneficial Ownership Information Filing Requirement

We are sending you an important update regarding Beneficial Ownership Information (BOI) filing requirements mandated by the Financial Crimes Enforcement Network (FinCEN). As of January 1, 2024, all entities registered with a state, including corporations, LLCs, and similar entities, must disclose their beneficial owners. This is a significant change; failure to comply with these new […]

National Small Business United v. Yellen: Alabama Court Rules Corporate Transparency Act Unconstitutional

The Corporate Transparency Act (CTA) was passed by Congress in 2021 and went into effect on January 1, 2024. The measure requires that all US-based business entities, with exemptions for certain institutions such as banks, trusts, and sole proprietorships, report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). CTA was to strengthen […]

It Is Still Winter in the Mid-Atlantic

Punxsutawney Phil, (beaver) called for an early Spring this month, however, it is still winter in the Mid-Atlantic, cold, and it might just call for an evening of binge-watching a highly acclaimed show, with much about estate planning. Succession ran on HBO for 4 Seasons and won 4 Emmy awards. For those who have not […]

What Is an S Corporation Election

An S Corporation (S Corp) is an option for a small business to be classed as a corporation while avoiding double taxation imposed on C corporations. Any income and losses are passed through to shareholders to report on their tax returns. It can be a tool to gain corporate status in a more manageable way […]

Why to Consider an LLC

What is an LLC? A limited liability company (LLC) is a formal business arrangement similar to a corporation where the assets and debts of the business are separate from the personal assets and debts of the owners. It can be viewed as a middle ground between a simple partnership and a corporation. While commonly used […]

A Guide to the Corporate Transparency Act

January 1, 2024 will bring a major change to the business world as the Corporate Transparency Act (CTA) officially goes into effect. The CTA aims to create a database of companies’ beneficial ownership information (BOI) to aid in government investigations of criminal activity that shell entities would otherwise shield. Businesses must report their BOI to […]

The Powerful Tax-Planning Strategy You’ve Probably Never Heard Of

Often overlooked, the Section 1202 Qualified Small Business Stock gain exclusion is a powerful tool that business owners should consider when starting a new business. In essence, Section 1202 allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the sale of a Qualified Small Business Stock (QSBS) that […]

Estate Planning for the Family Business

Business owners are playing with fire without a business succession plan. A business succession plan is key to the continuity of operations of a family business, and an estate plan should integrate the succession plan for a family business with estate planning. Many people recognize the need for such a plan, but they struggle with understanding why […]

Potter Update: Informal Business Succession Planning Takes Another Twist

The rules regarding estate planning through business agreements are changing again. As this blog discussed in 2021, the Maryland Court of Special Appeals held that the operating agreement of a Maryland LLC could not control the disposition of a member’s interest after their death. Potter v. Potter, 250 Md. App. 569, 252 A.3d 17 (2021). […]

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