Entries by Tax Attorney

The Threat Of Harvard’s Revocation Of Tax Exemption Status – What Should Other Non-Profit Organizations Learn From This?

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With all the publicity on Harvard University’s continued tax exemption status, any Non-Profit Organization including churches and charities should be aware of their filing and operational obligations to insure preservation of their tax exempt status. A section 501(c)(3) organization will jeopardize its exemption if it ceases to be operated exclusively for exempt purposes. An organization […]

Florida Woman Pleads Guilty to Conspiring with Family to Hide from the IRS More than $90M In Offshore Bank Accounts

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As reported by the Department Of Justice (“DOJ”) in a press release issued March 10, 2025, Gilda Rosenberg, of Golden Beach, Florida pleaded guilty to conspiring to defraud the United States by, among other things, concealing tens of millions of dollars in undeclared foreign financial accounts, filing false tax returns, and evading taxes. The DOJ […]

Tennessee Storm Victims Qualify For IRS Tax Relief

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On April 14, 2025 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the entire state of Tennessee affected by severe storms, straight-line winds, tornadoes and flooding that began on April 2, 2025. These taxpayers now have until November 3, 2025, to file various federal individual and business tax returns and make tax payments. […]

New Mexico Legalizes Psilocybin (“Magic Mushrooms”) Therapy

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On April 7, 2025, New Mexico Governor Michelle Lujan Grisham signed into law SB-219, the Medical Psilocybin Act (the “Act”), making New Mexico the third state in the country to create a legal pathway for patients to access psilocybin, a naturally occurring psychedelic compound produced by certain types of mushrooms. Notably, New Mexico is the first […]

FinCEN Issues Final Rule Limiting Reporting Requirements in Connection with Beneficial Ownership Information Reporting Deadlines under the Corporate Transparency Act

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“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “[This] action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” The Federal government in its efforts to crack down […]

West Virginia Storm Victims Qualify For IRS Tax Relief

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On March 14, 2025 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, flooding, landslides and mudslides that began on February 15, 2025. These taxpayers now have until November 3, 2025, to file various federal individual and business tax returns and make tax payments. […]

FinCEN Immediately Suspending Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines under the Corporate Transparency Act

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“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” The Federal government in its efforts to crack down […]

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines pursuant to the Corporate Transparency Act

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Requirement For Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders Not Yet In Force. The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will […]