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U.S. Citizens Resident in Canada – Capital Gains Tax Rate
What should be a straightforward answer gets complicated by recent events in Canadian Parliament and a recent US Tax Court Case. Current Law A U.S. citizen resident in Canada is subject to both U.S. federal income tax and Canadian on their worldwide income. In 2023, Canadian tax law stated that the maximum capital gains tax […]
Developing Conflict Resolution Guidelines
Creating Formal Procedures for Family Businesses
December 11, 2024In family businesses, personal relationships often amplify conflicts, making formal conflict resolution guideline or policies essential. These guidelines separate personal from business issues, providing clear guidelines for managing disputes and preventing long-term damage. Given the unique dynamics of family enterprises, conflicts can easily become personal. A well-defined policy ensures disputes are handled constructively, preserving both […]
Update: Corporate Transparency Act Enforcement and Beneficial Ownership Reporting
December 10, 2024Last week, we shared insights on the preliminary injunction halting the enforcement of the Corporate Transparency Act (CTA). The U.S. Department of Justice has since filed an appeal and we have new guidance from FinCEN on CTA enforcement, signalling the evolving BOI reporting requirements. DOJ Appeals the Injunction On December 5, 2024, the DOJ formally […]
Nationwide Injunction Halts Corporate Transparency Act: What It Means for Your Business
December 5, 2024Corporate Transparency Act (CTA) On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, temporarily suspending the enforcement of the Corporate Transparency Act (CTA). The decision in Texas Top Cop Shop, Inc. v. Garland pauses the requirement for businesses to report beneficial ownership information (BOI) to the Financial […]