Latest Updates The endless saga with the Corporate Transparency Act (“CTA”) continues. Here’s the background on what has happened so far this year: Next Steps While both FinCEN and the Treasury Department have stated that they will not enforce penalties against reporting companies for failing to comply with CTA reporting deadlines, the CTA itself has […]
Update: March 2, 2025 On March 2, 2025 The U.S. Department of the Treasury announced that it will not enforce any penalties or fines for failure to file BOIRs under FinCEN’s existing deadlines, nor will it “enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming
Beneficial Ownership Report Requirements Back in Effect: New Deadline of March 21, 2025 Read More »
Background The U.S. Court of Appeals for the Fifth Circuit has reinstated the nationwide injunction on the Corporate Transparency Act, overturning an Order of the same Court entered earlier this week that reinstated the filing obligations. This means that companies are no longer required to file Beneficial Owner Information reports to FinCEN until further Order
U.S. Court of Appeals for the Fifth Circuit Reinstates Nationwide CTA Injunction Read More »
Update – December 27, 2024 U.S. Court of Appeals for the Fifth Circuit Reinstates Nationwide CTA Injunction The U.S. Court of Appeals for the Fifth Circuit has reinstated the nationwide injunction on the Corporate Transparency Act, overturning an Order of the same Court entered earlier this week that reinstated the filing obligations. This means that
Background The United States District Court for the Northern District of Alabama recently ruled that the Corporate Transparency Act (CTA) is unconstitutional. The court made the decision after hearing a case brought by the National Small Business Association (NSBA) and Isaac Winkles, an NSBA member and business owner. However, the ruling granted by the court
Does the Corporate Transparency Act (CTA) ruling in Alabama impact my business? Read More »
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a change to the upcoming filing requirement under the Corporate Transparency Act (CTA). FinCEN is proposing an amendment to the reporting rule for entities created or registered between January 1, 2024, and December 31, 2024. Entities formed within this period would have 90 days to
Proposal Issued to Extend Corporate Transparency Act Filing Deadline for New Entities Read More »
What is the Corporate Transparency Act (CTA)? In September of 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued new requirements under the Corporate Transparency Act (CTA), which was designed to fight money laundering by mandating that all U.S. formed and certain international entities submit complete reports of their beneficial owners’ and company
Client Alert: Federal Corporate Transparency Act Read More »
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