With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits
The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.