While federal legislative and regulatory authorities digest and plan their responses to the March 1, 2024 ruling in the U.S. District Court for the District of Alabama that held the federal Corporate Transparency Act (the CTA) unconstitutional, New York is moving...
The U.S. District Court for the Northern District of Alabama (District Court) declared the Corporate Transparency Act (the CTA), which became effective on January 1, 2024, unconstitutional in the case styled National Small Business Association v. Yellen. The effects...
New federal reporting requirement that may affect your business is now effective. The Corporate Transparency Act (the CTA) is officially in effect. You should confirm now whether your company has any reporting obligations. The CTA requires certain entities to report...
During a two-day trial last summer, a Michigan jury concluded that a handwritten note penned by Aretha Franklin in 2014, found in a drawing book beneath sofa cushions in her home, holds legal validity as a will. The jury determined that this 2014 document was...
Key Takeaways The Financial Crimes Enforcement Network (FinCEN) issued a proposal to amend the beneficial ownership information (BOI) reporting rule, which would extend the deadline for certain reporting companies to file their BOI reports. FinCEN is proposing to...
Key Takeaways Starting in 2024, many entities that are created in or registered to do business in the United States will be required to file BOI reports with FinCEN. With the effective date fast approaching, criticism surrounding treatment of small businesses, who may...
[UPDATE: On January 1, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports.] Is Your Business Prepared for the Corporate Transparency Act? As 2024 quickly approaches, it is...
With half of 2023 behind us, and the Corporate Transparency Act (CTA) set to become effective on Jan. 1, 2024, there remain a number of open issues with respect to the implementation of the CTA. By way of background, and at its core, the CTA requires certain...
We have made it to Part 3 of our three-part series on the Corporate Transparency Act’s final rule. The Financial Crimes Enforcement Network (FinCEN) released the final rule on Sept. 30, 2022. This article covers important timeframes to keep in mind as the rule rolls...
On Sept. 30, 2022, the Financial Crimes Enforcement Network (FinCEN) released a final rule related to the Corporate Transparency Act (CTA). In Part 1 of our refreshed, three-part series of articles on the CTA, we covered FinCEN’s new guidance on the beneficial...