News & Analysis as of August 2, 2025

U.S. Treasury

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

New Deadlines for FINCEN Compliance Issued

Haynsworth Sinkler Boyd, P.A. on 2/24/2025

The Corporate Transparency Act (CTA) introduced substantial new reporting obligations for a wide array of corporate entities. Generally, any domestic entity formed by filing documents with a secretary of state or similar...more

NTA Addresses Overlap Reporting

Foodman CPAs & Advisors on 1/28/2025

On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law,...more

Treasury and IRS Release Final Regulations Applicable for Front-End Service Providers Facilitating Digital Asset and...

Wilson Sonsini Goodrich & Rosati on 1/9/2025

On December 30, 2024, the Department of the Treasury (the Treasury) and the Internal Revenue Service (the IRS) published the final regulations (Final DeFi Regulations) relating primarily to persons who are front-end service...more

BOI Reporting Relief for Hurricane Victims

Foodman CPAs & Advisors on 12/2/2024

On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief...more

Navigating FinCEN Compliance: Quickly Approaching Deadlines for Businesses formed before 2024

Haynsworth Sinkler Boyd, P.A. on 11/26/2024

A variety of businesses, such as LLCs, LLPs, partnerships, and corporations, formed before January 1, 2024, have until January 1, 2025, to file their initial report with the Department of Treasury’s Financial Crimes...more

CTA Breaking News: FinCEN Announces Six-Month BOI Reporting Extension in Hurricane Areas

Adams & Reese on 11/8/2024

With the Jan. 1, 2025, deadline fast approaching for companies to submit their Beneficial Ownership Information (BOI), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a...more

New FinCEN FAQ Guidance: Taxpayer ID Numbers, Disregarded Entities and Best Practices

Holland & Knight LLP on 8/2/2024

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 24, 2024, issued two new FAQs providing guidance on 1) how to obtain a taxpayer identification number (TIN) in a manner to ensure...more

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 2: CTA Compliance for Subsidiaries of Tax-Exempt...

Seyfarth Shaw LLP on 8/1/2024

This article provides Corporate Transparency Act (CTA) guidance to tax-exempt organizations with subsidiaries. For a general overview of CTA compliance for nonprofit and tax-exempt organizations, please see Part 1: When to...more

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 1: When to File a Beneficial Ownership Information...

Seyfarth Shaw LLP on 8/1/2024

The Corporate Transparency Act (CTA) took effect on January 1, 2024 and some U.S. nonprofits and tax-exempt organizations are still debating how the CTA applies to them. This article provides newly-formed and existing...more

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Beneficial Ownership Information Reporting Under the Corporate Transparency Act

Bracewell LLP on 1/25/2024

On January 1, 2024, the reporting requirements under the Corporate Transparency Act (CTA) became effective. The CTA was enacted by Congress on January 1, 2021, as part of the Anti-Money Laundering Act of 2020 and requires...more

Digital Assets Reporting Requirements Under Section 6050I

Falcon Rappaport & Berkman LLP on 1/22/2024

On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more

CTA – The Large Operating Company Exemption – Not Everybody Can Be A “Big BOI”

Proskauer - Regulatory & Compliance on 12/29/2023

In 2021, the Corporate Transparency Act (the “CTA”) was enacted into U.S. federal law as part of a multi‑national effort to rein in the use of entities to mask illegal activity. The CTA directs the U.S. Department of the...more

Historic Penalties For Cryptocurrency Exchange’s AML-Related Violations

A&O Shearman on 12/14/2023

On November 21, 2023, the Cayman Islands registered cryptocurrency exchange, Binance Holdings Limited (the “Company”), pled guilty to criminal violations related to allegedly failing to register as a money transmitting...more

West Coast Forum 2023 | Key Takeaways

McDermott Will & Emery on 12/4/2023

McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more

Are There Strategies to Avoid an IRS Audit?

Allen Barron, Inc. on 11/28/2023

Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to...more

Understanding the Corporate Transparency Act: Key Reporting Requirements and Deadlines for High Net Worth Individuals and...

Lowenstein Sandler LLP on 9/29/2023

Much has been written in recent months alerting small business owners to the impending January 1, 2024 effective date of the Corporate Transparency Act (CTA).1 But do you know how the new reporting requirements will affect...more

Corporate Transparency Act Compliance Date Is Approaching Quickly

Dickinson Wright on 8/10/2023

Although the Corporate Transparency Act (CTA”) was adopted in 2021, implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) established regulations. The deadline,...more

Corporate Transparency Act Compliance Date Is Approaching Quickly | 企業透明性法遵守について

Dickinson Wright on 8/8/2023

企業透明性法（以下「法」）は2021年に採択されたが、財務省の金融犯罪取締ネットワーク（以下「FinCEN」）が規制を設ける間、施行が遅れていました。しかし、その遵守期限は間近に迫っています。2024年1月1日以降に設立される報告対象会社は、設立後30日以内に報告書を提出する必要があります。2023年末時点ですでに存在する報告対象会社は、2024年末までに最初の報告を行う必要があります。...more

Corporate Transparency Act Compliance Date Is Approaching Quickly |《企业透明法案》合规日期即将到来

Dickinson Wright on 8/8/2023

Although the Corporate Transparency Act (the “Act”) was adopted in 2021, implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) established regulations. The...more

New Guidance on the Beneficial Ownership Information Reporting Rule

Amundsen Davis LLC on 4/4/2023

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published its guidance materials on March 24, 2023, to help companies understand the requirements of the Beneficial Ownership Information...more

Corporate Transparency Act Will Require New Layer of Compliance for Private Companies

Gould + Ratner LLP on 3/24/2023

A vast number of private businesses will face new requirements on how – and whether – they report their beneficial ownership interests to the U.S. government, effective at the start of 2024. While the time for compliance...more

Law Firms Guiding Compliance With Corporate Transparency Act as FinCEN Sets Deadlines

Fox Rothschild LLP on 2/10/2023

The Corporate Transparency Act is now poised to take effect on January 1, 2024 (the “Effective Date”), and will immediately impose sweeping new disclosure duties when new entities are formed. During 2024, the other CTA shoe...more

Agencies and Regulators Focus on AML Compliance for Cryptocurrency Industry

Katten Muchin Rosenman LLP on 8/24/2021

This year, regulators, supported by a slate of new legislation, have focused more of their efforts on AML violations and compliance deficiencies than ever before. As we have written about in the "AML Enforcement Continues to...more

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for...

Ballard Spahr LLP on 6/3/2021

Treasury Offers Something for Everyone to Comply With: Trades and Businesses, Banks, Crypto Exchangers and Individuals - On May 21, 2021, the U.S. Department of Treasury (“Treasury”) released its American Families Plan Tax...more

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