Nima Farzaneh concentrates his practice primarily on assisting businesses with domestic and international tax planning and corporate matters, including entity structuring and governance, choice of entity (including partnerships, limited liability companies, S corporations, and C corporations), finance, tax optimization, reorganizations, mergers and acquisitions, joint ventures, private equity sales, and executive compensation, employee benefit matters, as well as assisting numerous clients with forming and investing in Qualified Opportunity Zone Funds and cryptocurrency/Defi transactions. Mr. Farzaneh also assists clients with federal and state tax controversy matters, including examinations and appeals. 

At Quest Trust Company, we believe to truly take control, you should invest in what you know best! So, what do you do if you want to invest in a private asset, but you don’t feel like you know enough? You learn, of course!

Make sure to join us every Saturday at 12PM CST as our guest speakers and Certified IRA Specialists share the knowledge they have gained through experience as well as all the tips and tricks they’ve used to succeed in the self-directed world and grow their wealth!…(read more)

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CTA and Beneficial Ownership: What You Need to Know

When it comes to understanding financial transactions and ownership structures, the terms “CTA” and “beneficial ownership” are essential to comprehend. These concepts play a crucial role in ensuring transparency and accountability in the financial industry. In this article, we will delve into what CTA and beneficial ownership are and why they are important.

What is CTA?

CTA stands for “Covered Tax Agreements.” It is a term used in the context of tax jurisdictions and international tax agreements. CTA typically refers to agreements between countries to exchange information about the tax affairs of their residents. This exchange of information is aimed at combating tax evasion, ensuring compliance with tax laws, and promoting transparency in cross-border financial activities.

CTA enables tax authorities to gather relevant information about individuals and entities that may have financial interests or assets in foreign jurisdictions. This information exchange helps countries enforce their tax laws and prevent individuals from hiding income and assets in offshore accounts to evade taxes.

What is Beneficial Ownership?

Beneficial ownership refers to the individuals or entities that ultimately own or benefit from a company or asset. It goes beyond legal ownership and focuses on identifying the true beneficiaries of a company or asset. Beneficial ownership information includes details such as the names of individuals or entities with significant ownership stakes, control, or economic interest in a company.

The concept of beneficial ownership is crucial in preventing illicit financial activities, such as money laundering, tax evasion, and corruption. By identifying the ultimate beneficial owners of companies and assets, regulatory authorities can hold accountable those responsible for any unlawful or unethical financial activities.

Why are CTA and Beneficial Ownership Important?

CTA and beneficial ownership are important for several reasons:

1. Transparency and Accountability: By exchanging tax information and disclosing beneficial ownership details, governments and regulatory authorities can enhance transparency and hold individuals and entities accountable for their financial activities.

2. Combatting Financial Crimes: CTA and beneficial ownership information play a critical role in combating financial crimes, such as money laundering, tax evasion, and corruption. They help authorities identify and investigate suspicious financial activities and individuals involved in illegal practices.

3. Protecting the Integrity of the Financial System: These concepts help protect the integrity of the financial system by ensuring that individuals and entities comply with tax laws, regulations, and anti-money laundering measures.

4. International Cooperation: CTA fosters international cooperation by facilitating the exchange of tax information between countries, thereby promoting global tax compliance and preventing tax evasion on a cross-border scale.

In conclusion, understanding CTA and beneficial ownership is essential for promoting transparency, accountability, and ethical financial practices. These concepts play a pivotal role in preventing financial crimes and ensuring compliance with tax laws and regulations. By adhering to CTA and beneficial ownership requirements, individuals and entities can contribute to a more transparent and fair financial environment.