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The Continuing Saga of “BOIR/FinCEN” Reporting

With the Supreme Court’s decision to stay the “Texas Top Cop Shop December 3” injunction, the Supreme Court’s decision only related to the nationwide injunction issued in the Texas Top Cop Shop case; it did not at all relate to the nationwide injunction issued in the Smith case. As a result, as of January 24, 2025, the general advice remained that reporting companies that had not yet made filings with FinCEN to comply with the BOIR requirement of the CTA should hold off on doing so.

Trump’s Tax Proposals

President-elect Trump has proposed various new specific exemptions from income tax liability. First, he would exempt tips from income tax liability. Second, he would exempt overtime pay from income tax liability. Third, he would exempt Social Security benefits from income tax liability. There is no guarantee that some or any of President-elect Trump’s tax proposals will be enacted into law.

How to Avoid FinCEN Reporting

There are two types of reporting companies – “domestic reporting companies” and “foreign reporting companies.” It is important to remember that reporting companies that were formed or registered to do business in the United States on or before December 31, 2023 are required to comply with applicable “FinCEN” reporting by January 1, 2025 and reporting companies that were formed or registered to do business in the United States during 2024 are required to comply with applicable “FinCEN” reporting within 90 calendar days after receiving notice of such formation or registration.

Connelly v. United States – An Important Supreme Court Estate Tax Valuation Case

“Buy sell” agreements often are funded by life insurance policies. Life insurance proceeds can affect the “estate tax” valuation of a deceased business owner’s ownership interest. And can have material implications for the terms of “buy-sell” agreements, business valuations, and other estate tax liability and estate planning issues.

SUCCESSION IN DISABILITY SITUATIONS

Succession is an important issue in estate planning. Usually, succession is discussed in terms of an asset owner’s or business owner’s death. Who should succeed me as owner and manager of my assets or business on my death? A less often discussed, but also significant, issue is succession in disability situations.

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WHY ILLINOIS BUSINESSES SHOULD CONSIDER NOT USING ILLINOIS ENTITIES

Simplicity can be advantageous in making decisions concerning your business. On the important decision of choice of entity, based on simplicity, it may seem appropriate to use an Illinois entity to operate an Illinois business. By using an entity formed in a different state than Illinois to operate an Illinois entity, there will be additional complexity from having to comply with the legal requirements of Illinois and another state. However, for some Illinois businesses, this complexity may be overridden by certain benefits from using non-Illinois entities.

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