Corporate Transparency Act & Beneficial Ownership Information Reporting Rule

Starting on January 1, 2024, the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) will require the reporting of beneficial ownership information (“BOI”) under the Corporate Transparency Act (the “CTA”) for many domestic and foreign legal entities, including corporations, limited liability companies, partnerships, and any entity whose legal existence requires application or registration. Domestic legal […]

Penalty Limits & Non Willfully Fail to File FBARs

File FBARs with your returns? The latest determination from the Supreme Court put a limit on the penalties for taxpayers with foreign accounts who non-willlfully failed to file their FBARs. In the article below, written by Sarah Constantine Jonathan E. Green Cara M. Koss James P. Joseph Rebecca L. D. Gordon and Alex S. Tepler, […]

Implications of State Transactions & Nexus

One of the main goals for a taxpayer is to increase his revenue. Two of the main areas, for a business to achieve this, are to expand its customer base into various states and to provide customer service. This could mean that the taxpayer might perform various kinds of transactions to expand the business’ influence […]

Which country has the highest tax rate?

In which countries do high earners pay the most tax? And where do average earners pay the most? Income tax has been a political hot potato for decades. In 1966 The Beatles released their song Taxman as a protest against the 95% “supertax” rate introduced by Harold Wilson’s Labour government, which the band had to […]

Start-Up NY Tax Incentive Program

Governor Cuomo’s START-UP NY (SUNY Tax-free Areas to Revitalize and Transform UP-state NY) initiative is the game-changer that will transform SUNY campuses and university communities across the state into tax-free communities – including no income tax for employees, and no sales, property or business tax for 10 years. START-UP NY will attract venture capital, start-ups, […]

GC Consultants, Inc. is celebrating its 25th anniversary this fall – October 2012

Founder and Managing Partner Giuseppe Brusa has built a firm that is recognized nationally for its expertise in government compliance, audit, accounting and consulting services to foreign corporations and individuals. The firm has specialized practices areas that serve the accounting/taxation needs of foreign companies during the start-up of their activities and follows them up through […]