Kim & Rosado LLP

06/05/2026

Our client Imran needed someone who truly understood how the IRS operates — and that’s exactly what our team brings to every case. The result was nearly $1 million saved. 👏🏼

06/12/2024

Nick and Tony were recognized as the 2023 outstanding tax law volunteers by the Justice & Diversity Center of the Bar Ass’n of San Francisco. We were flanked by legal heavy weights CA Supreme Court Chief Judge Patricia Guerrero and USDC Senior Judge William Orrick.

05/20/2024

01/20/2024

🚨 New Blog Alert: The Paradox of U.S. Tax Policy 🚨

As the U.S. has cracked down on foreign bank secrecy with FATCA, it's becoming an unlikely tax haven. But how? Our latest post dives into the ironic twist of U.S. tax policy. Learn about the intricate dance of information sharing, the gaps in the system, and what it means for global tax compliance.

Stay ahead of the curve with Kim & Rosado LLP's expert insights into the ever-evolving landscape of tax law. Don't miss out on this must-read piece for anyone navigating the complexities of international finance.

Read the full blog here: https://www.kimrosado.com/blog/cracking-down-on-foreign-bank-secrecy-while-becoming-a-tax-haven-the-irony-of-u-s-tax-policy/

01/05/2024

Substantial Control Will Make You A Beneficial Owner

The Corporate Transparency Act requires reporting companies to disclose each “beneficial owner.” Individuals exercising “substantial control” over the entity will be beneficial owners. Substantial control is defined very broadly. It includes senior officers, and anyone performing functions similar to a senior officer, regardless of job title. Anyone with the authority to appoint or remove senior officers or a majority of the entity’s governing body has substantial control. And substantial control is exercised by someone with substantial influence over important decisions that the reporting company makes. The CTA also includes anyone with any other forms of substantial control within the definition. And keep in mind that control can be direct or indirect. This means that substantial control exercised indirectly, such as through other entities, trusts, or even other individuals can make you a beneficial owner.

11/25/2023

The Ongoing Obligation To Update Beneficial Ownership Information Reports

Beginning in 2024, certain types of domestic and foreign entities, called “reporting companies,” must submit specified beneficial ownership information (BOI) reports to FinCEN. All reporting companies will have to file an initial report. But will this be an annual report that must be filed, like an income tax return or FBAR? No. The BOI report is required to be filed just once. But if there is any change to the required information about your company or its beneficial owners in a BOI report that your company previously filed, your company must file an updated BOI report no later than 30 days after the date of the change. But a change can potentially be as minor as a change of address of any beneficial owner. And updated BOI reports must be filed within 30 days of any subsequent changes as well.

11/22/2023

Current Due Dates For Beneficial Ownership Information Reports

The Corporate Transparency Act added a new section, 31 U.S.C. § 5336, to the Bank Secrecy Act to address the broader objectives of beneficial ownership transparency. The section requires certain types of domestic and foreign entities, called “reporting companies,” to submit specified beneficial ownership information (BOI) reports to FinCEN. At this time, and this may be changed in the future, a “reporting company” created or registered to do business before January 1, 2024 - will have until January 1, 2025 to file its initial BOI report. A “reporting company” created or registered on or after January 1, 2024, will have 30 days to file its initial BOI report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

11/20/2023

Beneficial Ownership Information Report Penalties

The U.S. government will require certain types of foreign and domestic entities to file beneficial ownership information (BOI) reports. The purpose of those reports is to assist U.S. law enforcement agencies in investigating financial and other crimes. To ensure compliance with these new reporting requirements, Congress added stiff penalties. Any person that willfully violates the BOI reporting requirement “shall be liable to the United States for a civil penalty of not more than $500 for each day that the violation continues or has not been remedied; and may be fined not more than $10,000, imprisoned for not more than 2 years, or both.” A violation includes not only the failure to timely file but also the failure to submit correct BOI reports.

11/17/2023

Why Is The U.S. Government Requiring Beneficial Ownership Information Reports?

The U.S. government has imposed onerous new reporting requirements on certain types of foreign and domestic entities (called “reporting companies”). This new beneficial ownership information (BOI) report requires significant information about the beneficial owners and those who exercise sufficient control over reporting companies. But why? Congress recognized that most or all states do not require information about the beneficial owners of corporations, limited liability companies, or other similar entities formed under the laws of various states. With this absence of ownership information, Congress believed that bad actors leveraged this gap of information to engage in illicit activity, including money laundering, tax fraud, financial fraud, and foreign corruption. These reports will assist U.S. law enforcement agencies in investigating financial and other crimes. And to compel compliance, the law imposes significant penalties for failing to report or to report correctly.