The United States Treasury Department announced on March 2, 2025, that the Beneficial Ownership Information (BOI) reporting required by the Corporate Transparency Act (CTA) is now voluntary for U.S. entities and citizens....more
After weeks of legal ping-pong, the Corporate Transparency Act (CTA) reporting obligations are back in effect. On Feb. 18, 2025, the U.S. District Court for the Eastern District of Texas lifted its nationwide injunction in...more
After a few days on a legal roller coaster, enforcement and reporting obligations under the Corporate Transparency Act (CTA) remain on hold as lawsuits challenging the CTA’s constitutionality continue. On Jan. 23, 2025, the...more
1/28/2025
/ Anti-Money Laundering ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Enforcement ,
Filing Requirements ,
FinCEN ,
Regulatory Requirements ,
Reporting Requirements ,
SCOTUS ,
Stays
Our roller coaster ride with the Corporate Transparency Act (CTA) continues. On Dec. 26, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated its Dec. 23 order staying the prior injunction in Texas Top Cop Shop, Inc....more
As noted in our Dec. 23, 2024, eAlert, filing obligations and enforcement of the Corporate Transparency Act (CTA) are again in effect following issuance of an order by the Fifth Circuit Court of Appeals staying the injunction...more
12/24/2024
/ Appeals ,
Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
FinCEN ,
Preliminary Injunctions ,
Reporting Requirements ,
Stays ,
Time Extensions
On December 3, 2024, in Texas Top Cop Shop, Inc. v. Garland, the U.S. District Court for the Eastern District of Texas entered a preliminary injunction that prevents enforcement of the Corporate Transparency Act (CTA) and its...more
On March 1, 2024, the U.S. District Court for the Northern District of Alabama held that the Corporate Transparency Act is unconstitutional. Specifically, the court found that enactment of the CTA could not be justified as an...more
Beginning January 1, 2024, the Corporate Transparency Act (CTA) will require a substantial number of closely held entities to disclose certain information to the U.S. Treasury Department’s Financial Crimes Enforcement Network...more
Michigan first permitted LLCs to be formed under its laws on June 1, 1993. Under federal tax regulations called the "Kitner Regulations," which were in effect at that time, it was common to use a finite term for an LLC to...more