GCK On Law
Is the Corporation Transparency Act Constitutional? Status of National Small Business United v. Yellen and Other Case and Legislative Challenges
On January 1, 2021, Congress enacted the Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) within the larger National Defense Authorization Act (“NDAA”). The CTA imposed new reporting and disclosure requirements on approximately 25 million existing...
Corporate Transparency Act Requirements for Newly-Created Companies
New companies formed on or after January 1, 2024 are subject to the federal Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) which requires information reports to be filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network...
Existing Companies Required to Report Beneficial Ownership by January 1, 2025 Under the Corporate Transparency Act
The Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) imposes reporting requirements on certain entities formed and existing prior to January 1, 2024 which are due on or before January 1, 2025. Specifically, existing entities must file an “initial...
Employee Fringe Benefits: Late night transportation
Most employers are familiar with the IRS’s allowance of deductions for certain fringe benefits given to employees, such as meals consumed at the workplace or public transit passes. One fringe benefit that is often overlooked but can benefit both employer and employee...
Conflict as to whether new value under 547(c)(4) must remain unpaid
Section 547(c)(4) of the Bankruptcy Code provides as follows: The trustee may not avoid under this section a transfer - to or for the benefit of a creditor, to the extent that, after such transfer, such creditor gave new value to or for the benefit of the debtor - (A)...