Key Takeaways:
- Exemption for Domestic Reporting Companies: Domestic reporting companies are now exempt from the requirement to file beneficial ownership information (“BOI”) reports under the Corporate Transparency Act...more
FinCEN has once again changed course on enforcement of the CTA. On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against reporting companies based on a...more
3/3/2025
/ Beneficial Owner ,
Corporate Transparency Act ,
Enforcement Actions ,
Filing Deadlines ,
FinCEN ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Small Business ,
Temporary Hold
On February 18, 2025, the U.S. Federal District Court for the Eastern District of Texas lifted the last remaining nationwide preliminary injunction of the CTA in the Smith case. This follows a decision on January 23, 2025, by...more
In a highly unusual and unexpected order, late on December 26, 2024, a “merits panel” of the Fifth Circuit (made up of different judges than the “motions panel” that stayed the nationwide preliminary injunction on December...more
12/30/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Smaller Reporting Companies ,
Stays ,
Time Extensions
In a striking decision on December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in favor of the plaintiffs in Texas Top Cop Shop, Inc. et al. v. Garland. The...more
12/5/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Smaller Reporting Companies ,
Stays
The U.S. Federal District Court for the District of Alabama (the “District Court”) ruled on March 1, 2024, that the Corporate Transparency Act (“CTA”) was unconstitutional. Presiding over the case was Judge Liles Burke, who...more
On November 29, 2023, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) announced that it was amending the beneficial ownership information (“BOI”) reporting rule (the “BOI Reporting Rule”) to...more
For those clients that received extensions on the filing deadline for their BE-10 surveys, they are reminded that the August 31, 2015 deadline is approaching. The BE-10 is the five year benchmark survey of United States...more