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New Legislation FinCEN Beneficial Owner

Holland & Hart LLP

FinCEN EXEMPTS U.S. Companies and U.S. Persons from CTA Reporting Requirements

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The Corporate Transparency Act (together with its implementing regulations, the CTA) is a federal law that went into effect on January 1, 2024. The CTA is aimed at combating financial crimes such as money laundering,...more

Perkins Coie

Corporate Transparency Act: Filing Requirements Once Again Voluntary – FinCEN Announces No Enforcement Action for Reporting...

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Last week, we reported that the Financial Crimes Enforcement Network (FinCEN) reinstated the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements, with a new deadline for most...more

Cozen O'Connor

FinCEN Pauses Enforcement Actions under CTA

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On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it will not take enforcement actions against any companies for failure to file or update beneficial ownership information (BOI) reports...more

Kilpatrick

Corporate Transparency Act Back in Effect | New Beneficial Ownership Report Filing Deadline is March 21, 2025

Kilpatrick on

We previously reported that enforcement of the Corporate Transparency Act (CTA) was enjoined nationwide due to a preliminary injunction in the case of Smith v. U.S. Department of the Treasury....more

Shipkevich PLLC

BOI Reporting Back in Effect: Compliance Required by March 21, 2025

Shipkevich PLLC on

On February 19, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that most reporting companies under the Corporate Transparency Act (CTA) must now submit their Beneficial Ownership Information (BOI) reports...more

Bass, Berry & Sims PLC

CTA Beneficial Ownership Information Reporting Requirements Resume March 21, 2025; Preliminary Injunctions Lifted

Bass, Berry & Sims PLC on

On February 18, the U.S. District Court for the Eastern District of Texas lifted the preliminary injunction against enforcement of the Corporate Transparency Act (CTA) and the beneficial ownership reporting rule promulgated...more

Chambliss, Bahner & Stophel, P.C.

The Corporate Transparency Act is Back With a New Deadline of March 21, 2025

On February 18, 2025, the U.S. District Court for the Eastern District of Texas stayed its nationwide preliminary injunction on beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). With...more

Morgan Lewis

US District Court Resumes CTA BOI Reporting Requirements as FinCEN Extends Deadline

Morgan Lewis on

A nationwide preliminary injunction put in place on January 7, 2025 by a district court in Texas has been stayed pending appeal, reinstating the reporting requirements of the Corporate Transparency Act (CTA). However, the...more

Whiteford

Client Alert: Mandatory CTA Compliance Returns – What You Need to Know

Whiteford on

On February 17, 2025, the U.S. District Court for the Eastern District of Texas lifted the last remaining nationwide injunction against enforcement of the Corporate Transparency Act (CTA) previously issued in Smith v. US...more

Cozen O'Connor

Latest CTA Injunction Stayed

Cozen O'Connor on

On February 18, 2025, the U.S. District Court for the Eastern District of Texas stayed the nationwide injunction it previously issued in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (Smith case)....more

McNees Wallace & Nurick LLC

Reinstatement of the Corporate Transparency Act Reporting Obligations

Texas Federal Court Reinstates the Corporate Transparency Act The U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., has lifted the “pause” on the Corporate...more

Cole Schotz

CTA Update: Companies Not Required To File Under The CTA, Despite Supreme Court Stay

Cole Schotz on

Despite a Supreme Court order issued on January 23, 2025, as of January 24, 2025, FinCEN has stated they are not requiring companies to file under the CTA. On January 23, 2025, the U.S. Supreme Court, in an unsigned order,...more

Ruder Ware

Livin’ on a Stay: The CTA Saga Continues

Ruder Ware on

The Corporate Transparency Act (“CTA”) and its beneficial ownership reporting requirements are back in effect. Earlier today, the U.S. Supreme Court granted the federal government’s request to stay (i.e., pause) the...more

Jones Day

New York's LLC Transparency Act: What You Need to Know

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On March 1, 2024, New York State Governor Kathy Hochul signed into law a revised version of New York State's LLC Transparency Act, which is modeled on FinCEN's Beneficial Ownership Information Rule. Other states are...more

Woods Rogers

Virginia Community Associations and the Corporate Transparency Act: New Federal Reporting Requirements Effective January 1, 2024 -...

Woods Rogers on

Updated 4.9.24 - We will continue to monitor developments.  Stay tuned for updates. Original Article: Effective January 1, 2024, most Virginia community associations will be required to comply with the federal Corporate...more

ArentFox Schiff

What Private Companies Need To Consider in 2024: Top 10 Legal Issues

ArentFox Schiff on

Private companies and their owners face ever-evolving challenges as the market sees new regulations, new deal trends, and new risks in 2024. Below are 10 issues that the owners and leaders of privately held companies should...more

Neal, Gerber & Eisenberg LLP

Client Alert: Beware of Fake CTA Reporting Requests

The Corporate Transparency Act (CTA), a law intended to enable the Financial Crimes Enforcement Network (FinCEN) to detect shell companies and protect the U.S. financial system from abuse by money launderers, drug...more

Best Best & Krieger LLP

What You Need to Know About the U.S. Corporate Transparency Act

Practical Issues for Entity Management - The Corporate Transparency Act (CTA) is new legislation passed by Congress as part of the Anti-Money Laundering Act of 2020. This legislation sets forth uniform beneficial ownership...more

Steptoe & Johnson PLLC

The Corporate Transparency Act

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The Corporate Transparency Act (CTA), included as an amendment to the Anti-Money Laundering Act of 2020, was passed by Congress this year as an effort to make it more difficult to commit “shell company” money laundering, tax...more

Polsinelli

Corporate Transparency Act – Your Beneficial Entity Ownership Disclosure Is Now Required

Polsinelli on

Executive Summary - The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and...more

Winthrop & Weinstine, P.A.

The Corporate Transparency Act - New Beneficial Owner Reporting Requirements

The Corporate Transparency Act (CTA) was passed by Congress on January 1, 2021, as part of the National Defense Authorization Act of 2021. The CTA is the most significant update to the U.S. anti-money laundering laws since...more

Foodman CPAs & Advisors

¿Se verá comprometido los Estados Unidos en el Futuro Como un Paraíso Fiscal Preferido?

Los cambios a la Ley de Secreto Bancario bajo la Ley de Autorización de Defensa Nacional (“NDAA – “National Defense Authorization Act”) contienen requisitos para que las entidades legales cubiertas informen sobre sus...more

Foodman CPAs & Advisors

Will The Perception Of The USA As A Preferred Tax Haven Be Jeopardized Going Forward?

Changes to the Bank Secrecy Act incorporated into the National Defense Authorization Act (NDAA) contain requirements for beneficial ownership disclosure by covered legal entities at the time of their creation for inclusion in...more

Gray Reed

The Corporate Transparency Act: What Your Company Needs to Know About the New Federal Reporting Requirements

Gray Reed on

Last month’s post explained how setting up a dummy company can help seal a deal. Unfortunately, dummy companies can be used for far more nefarious purposes, including money laundering, terrorism financing, and tax fraud....more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act

A new federal law will require certain U.S. entities to report the personal information of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. “Reporting...more

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