Private Client & Offshore Services, Kozusko Harris Duncan updates

USA

Contributed by Kozusko Harris Duncan
Reporting beneficial owners of certain US companies: observations relevant to private client structures
  • USA
  • 11 March 2021

The Corporate Transparency Act (CTA) became law on 1 January 2021. This article considers aspects of the new act, such as the broad definition of 'beneficial owner' when applied to trusts, privacy concerns and further compliance responsibilities that may be of interest in the context of family succession planning structures that include entities established under the laws of a US state.

Reporting beneficial owners of certain US companies: details of new Corporate Transparency Act
  • USA
  • 04 March 2021

The Corporate Transparency Act (CTA) recently became law. Once implementation regulations are issued, the CTA will require certain new and existing US companies to disclose information about their beneficial owners. There are both civil and criminal penalties for violations of CTA requirements. Given that family succession planning structures may include entities established under the laws of a US state, advisers to international families should familiarise themselves with this new disclosure requirement.

Overview (January 2021)
  • USA
  • 28 January 2021

A new administration at the federal government level may mean tax law changes during 2021. Although unlikely to apply retroactively, advisers to international families should keep an eye on US tax developments, including increased information reporting. This overview provides a summary of the general framework for US gift, estate and generation-skipping transfer taxes and describes some of the many income tax and reporting obligations imposed on both US and non-US persons.

Estate and gift tax situs of assets – specific examples
  • USA
  • 10 December 2020

Individuals who are not US citizens and are not domiciled in the United States for transfer tax purposes (non-resident aliens) are subject to US gift tax only on gifts of real property and tangible personal property located in the United States. On death, a significantly broader list of property is subject to US estate tax. This article provides examples of certain specific assets that are often part of a non-resident alien's investment portfolio.

Estate and gift tax situs of assets – basic rules
  • USA
  • 03 December 2020

Individuals who are not US citizens and are not domiciled in the United States for transfer tax purposes (non-resident aliens) are subject to US gift tax only on gifts of real property and tangible personal property located in the United States. On death, a significantly broader list of property is subject to US estate tax. Advisers to families with international investments should familiarise themselves with the basic US situs rules and options for owning US-situs assets that may shelter them from gift and estate tax.


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