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State Directory- Criminal Defense
- Money LaunderingIn 2021, Congress passed the Corporate Transparency Act, 31 U.S.C. 5336 (“CTA”), which established certain required information filings with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”). The purpose of the CTA is to create a national database of companies in the U.S. that identifies the people behind the companies (both owners and those in control of the entities) to identify, prevent, and punish criminals and criminal networks that participate in money laundering and other financial crimes. While the new federal database will not be of public record, it will be accessible to a variety of federal law enforcement and other agencies (including the IRS). As of January 1, 2024, a substantial number of business entities are required to report information regarding their “beneficial owners” to FinCEN.
- Limited Liability CompaniesAny entity with state-filed formation documents (primarily, but not limited to corporations, limited liability companies (LLCs), and limited partnerships) which does not qualify for an exemption from the CTA’s reporting requirements (discussed below) needs to file a beneficial ownership information report (each a “Reporting Company”). Even an entity which has only one owner and is ignored for federal income tax purposes (such as a single-member LLC or an LLC wholly owned by a married couple), must file reports with FinCEN. Consequently, this new law affects virtually all small family businesses, including LLCs and other entities designed only to hold real estate. There are, however, a few limited exemptions, the most important of which are listed below...
- Real Estate TransactionsWe have used CHW as counsel on many large and complicated real estate transactions over the last several years. The firm’s knowledge, expertise and attention to detail have made them one of the pre-eminent affordable housing law practices in New York State. Just as important is their ongoing commitment to diversity and equality as core values in the operation of the firm.
- Tax Law