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Civil Monetary Penalty Beneficial Owner

Carey Olsen

Cayman Islands investment funds – autumn 2024 update

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Our investment funds team outline the latest developments within the investment funds market in the Cayman Islands including the updated requirements under the Beneficial Ownership Transparency Act, a reminder of obligations...more

Ruder Ware

Reminder: CTA Filing Deadline Looming

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The Corporate Transparency Act (CTA) remains in effect, and, as a result, many entities are required to submit filings to the federal government by the January 1, 2025, deadline. A failure to timely file may result in civil...more

Foley Hoag LLP - Public Companies & the Law

SEC Announces $3.8 Million in Penalties in Continued Enforcement Sweep of Late Beneficial Ownership and Insider Transaction...

Following its previously announced enforcement sweep in September 2023, the Securities and Exchange Commission (SEC) announced on September 25, 2024, that it had settled charges against 23 entities and individuals for failing...more

Rothwell, Figg, Ernst & Manbeck, P.C.

The Corporate Transparency Act: What you Need to Know to Comply with the New Requirements

The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and will impact millions of U.S. businesses by imposing requirements to file corporate transparency reports with beneficial ownership information...more

King & Spalding

Federal District Court in Alabama Declares CTA Unconstitutional; DOJ Appeals to 11th Circuit; FinCEN Requires Continued Compliance

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On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more

Adams and Reese LLP

CTA Update – Where Do We Stand After Alabama District Court Ruling?

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On March 1, 2024, the Northern District of Alabama Northeastern Division, in National Small Business United v. Yellen, No. 5:22-cv-1448 (N.D. Ala.), ruled the Corporate Transparency Act unconstitutional. However, the holding...more

McNees Wallace & Nurick LLC

CTA Here to Stay? Federal District Court Rules Corporate Transparency Act Unconstitutional

Although the Corporate Transparency Act (“CTA”) became effective Jan. 1, 2024, in just two short months, its constitutionality was challenged in the U.S. District Court, Northern District of Alabama’s decision issued on March...more

Kohrman Jackson & Krantz LLP

Federal District Court in Alabama Deems Corporate Transparency Act Unconstitutional

The Corporate Transparency Act (the CTA), which became effective on January 1, 2024, was ruled unconstitutional by the U.S. District Court for the Northern District of Alabama (District Court), in the case styled National...more

Keating Muething & Klekamp PLL

FinCEN Issues Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements

On February 20, 2024, the Financial Crimes Enforcement Network (“FinCEN”) published a small entity compliance guide (the “Guide”) that provides an overview of the requirements regarding access to beneficial ownership...more

Foodman CPAs & Advisors

Cumplimiento/Ejecución BOI Para Empresas Que Reportan

Las empresas que reportan están obligadas a proporcionar información a FinCEN sobre las personas que en última instancia las poseen o las controlan. FinCEN comenzó a aceptar informes el 1 de enero de 2024. Las empresas que...more

Foodman CPAs & Advisors

BOI Compliance/Enforcement For Reporting Companies

Reporting companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Reporting Companies have a significant obligation...more

Warner Norcross + Judd

New Corporate Transparency Act Reporting Requirement Begins in 2024

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Starting in 2024, all “reporting companies,” meaning any entity formed by filing with a secretary of state or similar office, will be required to file a “beneficial ownership report” with the U.S. Treasury Department’s...more

Fox Rothschild LLP

New Mandatory Reporting for Vast Majority of Businesses Starts in January 2024

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In less than two weeks, on January 1, 2024, the Corporate Transparency Act (CTA) will become effective. This new law is one of the most wide-reaching and disruptive pieces of legislation affecting businesses that has been...more

Hinshaw & Culbertson LLP

REMINDER: New Federal Corporate Transparency Act Set to Impose Significant New Reporting Requirements and Noncompliance Penalties...

Hinshaw & Culbertson LLP on

As we approach year-end, we wanted to remind you about the upcoming implementation of the Corporate Transparency Act ("CTA"), which is set to take effect on January 1, 2024. The CTA will impose significant new reporting...more

Dunlap Bennett & Ludwig PLLC

Corporate Transparency Act Requires Small Businesses To Disclose Beneficial Ownership Information Beginning In 2024

In January of 2021, Congress passed the Corporate Transparency Act of 2019 (the “CTA”) as part of the 2021 Defense Bill. Initially introduced in 2019, the CTA requires private companies to disclose their “Beneficial Owners”...more

Levenfeld Pearlstein, LLC

The Corporate Transparency Act Takes Effect January 1, 2024 – What to Know and How to Report

The new Corporate Transparency Act (“CTA”) takes effect January 1, 2024, creating reporting obligations for most business entities, including corporations, limited liabilities companies, and other entities formed by filing...more

Perkins Coie

The Corporate Transparency Act: What To Know and Expect Starting January 1, 2024

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Beginning January 1, 2024, the Corporate Transparency Act (CTA) will require most entities formed or registered to do business in the United States to disclose detailed information regarding their owners, officers, and...more

Saiber LLC

The Corporate Transparency Act: Are You Prepared?

Saiber LLC on

Beginning on January 1, 2024, millions of business entities (including corporations, limited liability companies, and other similar entities created in or registered to do business in the United States) will be required to...more

Procopio, Cory, Hargreaves & Savitch LLP

Decoding the Corporate Transparency Act: Navigating the Changes Ahead

The reporting requirements for beneficial ownership information under the Corporate Transparency Act (CTA) will come into effect on January 1st, 2024. The CTA, a bipartisan law enacted by Congress on January 1st, 2021,...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces Charges for Schedule 13D, Schedule 13G and Section 16 Reporting Violations

On September 27, 2023, the Securities and Exchange Commission (SEC) issued a press release announcing charges against officers, directors and large investors in public companies for failure to timely make Section 16, Schedule...more

WilmerHale

SEC Enforcement Reminds Filers that Beneficial Ownership Reporting Obligations Are Not Optional

WilmerHale on

On September 27, 2023, the Securities and Exchange Commission’s Division of Enforcement announced settled charges against five publicly-traded companies and six individuals for failures to timely report information about the...more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act: Beneficial Ownership Information Reporting Checklist

The Corporate Transparency Act requires a broad range of entities to file a report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying those who own, control and formed the...more

Kohrman Jackson & Krantz LLP

Will The Corporate Transparency Act Affect Estate Planning?

The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit...more

Goodwin

FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers

Goodwin on

Regulatory Developments - FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers - On January 17, FinCEN proposed a form of report to collect beneficial...more

Keating Muething & Klekamp PLL

Corporate Transparency Act Update – FinCEN Issues Notice of Proposed Rulemaking

On December 15, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (the “NPRM”) that would implement provisions of the Corporate Transparency Act (the “CTA”) regarding access to...more

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