Enacted July 4, 2025 The One Big Beautiful Bill Act is a $3.4 trillion tax and spending package structured as a reconciliation bill. It includes tax reforms, spending and program changes. Additionally, it increases the debt ceiling by $5 trillion. Key tax provisions are: Individual Provisions Extends currently enacted tax rates permanently and modifies the [...]
The US Department of the Treasury has announced a major development regarding the Corporate Transparency Act and beneficial ownership interest (BOI) filing requirements. It is suspending enforcement against US citizens and domestic reporting companies. For more information, see the press release below: PRESS RELEASES Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act [...]
On Monday, February 17, 2025, the Federal District Court in Smith v. U.S. Department of Treasury lifted the injunction that was preventing enforcement of the beneficial ownership interest (BOI) filing requirements. The Financial Crimes Enforcement Network (FinCEN) promptly issued an alert on its website confirming that the reporting requirements are back in effect and announcing [...]