This past year certainly kept business and individual taxpayers on their toes. Beneficial ownership information (BOI) reporting topics overwhelmingly took precedence for our blog readers. Grant audits — a specialized financial audit many organizations find themselves facing after receiving federal funding — was of particular interest as well. Topics geared toward high-net-worth individuals, partnerships, investment industry companies and others rounded out the most popular areas of interest.
Enjoy our recap of our most-read thought leadership from 2024.
Congress passed the Corporate Transparency Act of 2021 (CTA) to enhance transparency and combat illicit activities, requiring certain businesses to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While BOI is currently voluntary in light of a recent court order, the flurry of court challenges, state activity and preparation for the new rules throughout the year rose to the top of our readers’ lists.
With uncertainty surrounding the sunset of key Tax Cuts and Jobs Act provisions, planning for exemptions remained top of mind for high-net-worth individuals. Many readers also focused on our ongoing Trust & Taxes 101 series, helping them gain a better understanding of strategies for trust tax planning.
From the reversal of the Private Fund Rule to the taxation of spot bitcoins and use of blocker entities for regulated investment companies, the investment industry’s complex regulatory framework continues to generate significant interest.
There are many tax and audit topics that impact businesses, large and small. Our readers this past year focused on learning more about capitalizing internal software costs, understanding grant audits for recent federal fund awards and partnership concerns.
Contact a member of your service team or one of the authors to discuss these topics further.
Cohen & Co is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law with your professional advisers.