News & Analysis as of

New Legislation Reporting Requirements Financial Crimes

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

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

Kerr Russell

CTA Enforcement Reinstated with New Compliance Deadlines

Kerr Russell on

The U.S. District Court for the Eastern District of Texas has stayed the last remaining nationwide injunction against enforcement of the Corporate Transparency Act (CTA) in Smith v. U.S. Department of the Treasury....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

Steptoe & Johnson PLLC on

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

McDermott Will & Schulte

The Corporate Transparency Act: New Beneficial Ownership Reporting Requirements

On January 1, 2021, US Congress passed the National Defense Authorization Act (NDAA). Found within the NDAA (as Division F – Anti-Money Laundering) is the Corporate Transparency Act (the CTA), which will require corporations,...more

Bilzin Sumberg

The Corporate Transparency Act: Initial Observations and Considerations for Domestic and International Private Clients

Bilzin Sumberg on

It didn’t take very long for 2021 to bring about federal legislation that could significantly impact, or at least cause massive administrative headaches for, domestic and international private clients and their holding...more

Cadwalader, Wickersham & Taft LLP

Bouncing Back - January 2021 | Issue No. 20, You Can Run But You Can’t Hide: The Corporate Transparency Act

In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more

Burr & Forman

Key Provisions and the Impact of the Corporate Transparency Act

Burr & Forman on

On January 1, 2021, the Senate overrode President Donald Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021. This newly passed bill includes the Corporate Transparency Act (the “Act”)....more

Bilzin Sumberg

Unanswered Questions on the Corporate Transparency Act

Bilzin Sumberg on

The National Defense Authorization Act for 2021 enacted on January 1, 2021 contains Title LXI, the Corporate Transparency Act (“Act”). It institutes new reporting requirements for legal entities with few employees and limited...more

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