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FinCEN › Business Entities

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... more +
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 -
Tucker Arensberg, P.C.

A New Federal Reporting Requirement Has Been Established for Non-Financed Transfers of U.S. Residential Real Estate to a Trust or...

Tucker Arensberg, P.C. on

On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued its “Anti-Money Laundering Regulations for Residential Real Estate Transfers” (the “Final Rule”), to become effective December 1, 2025. This Final...more

Allen Barron, Inc.

Don’t Forget About the Beneficial Ownership Information (BOI) Report

Allen Barron, Inc. on

Have you forgotten about the Beneficial Ownership Information (BOI) Report established by the Corporate Transparency Act (CTA) of 2021? Owners of qualifying domestic entities, as well as those qualifying foreign entities...more

Arnall Golden Gregory LLP

How the Corporate Transparency Act Impacts Many Wealthy Families

Arnall Golden Gregory LLP on

In case you missed our firm’s previous newsletters, a new federal law imposed reporting requirements for many corporations, partnerships, and LLCs. The Corporate Transparency Act (“CTA”) requires companies and their owners to...more

Mandelbaum Barrett PC

Navigating the Corporate Transparency Act: Reporting Requirements and Compliances Strategies for Small Businesses

Mandelbaum Barrett PC on

On January 1, 2024, the Corporate Transparency Act (the “CTA”) became effective and imposes reporting obligations which impact millions of small businesses across the United States. Although the CTA is currently the subject...more

Laner Muchin, Ltd.

Attention Business Entities: Do You Need to File a Business Owners Information Report with FinCEN? All Companies Must Review This...

Laner Muchin, Ltd. on

The Corporate Transparency Act (CTA) became effective on January 1, 2024. Unless an entity meets an exemption, the CTA requires corporations, limited liability companies, and other entities to (1) report specific beneficial...more

Manatt, Phelps & Phillips, LLP

Complying with the Corporate Transparency Act

Manatt, Phelps & Phillips, LLP on

Under the Corporate Transparency Act (CTA), as of January 2024 many corporations, limited liability companies, limited partnerships, and similar legal entities are now required to report ownership and management information...more

Perkins Coie

Corporate Transparency Act Midyear Update: Game-Changing FinCEN Guidance and What To Do To Meet Year-End Filing Obligations

Perkins Coie on

June marked the six-month milestone for the implementation of the Corporate Transparency Act (CTA)—the landmark anti-money laundering law requiring beneficial ownership reporting for U.S. companies that became effective on...more

Morris, Manning & Martin, LLP

FinCEN Releases Additional CTA Guidance for Disregarded Entities

Morris, Manning & Martin, LLP on

In a new round of FAQ, FinCEN shed light on how entities that are disregarded from their owners for Federal income tax purposes should handle tax identification numbers (TINs) under the Corporate Transparency Act (CTA)....more

Hinshaw & Culbertson LLP

Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA)

Hinshaw & Culbertson LLP on

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA's application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network...more

Faegre Drinker Biddle & Reath LLP

Entities That 'Cease to Exist' Must Still Comply With the Corporate Transparency Act

Faegre Drinker Biddle & Reath LLP on

On Monday, July 8, 2024, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released additional FAQs specifying that a reporting company (i.e., a company to which no exemption applies) created or...more

Adams and Reese LLP

CTA Update – FinCEN Says Dissolved Companies Must Report Beneficial Ownership Information

Adams and Reese LLP on

The Financial Crimes Enforcement Network (“FinCEN”) continues to publish further interpretive guidance through their Frequently Asked Questions (“FAQs”) regarding the Beneficial Ownership Information (“BOI”) requirements...more

Polsinelli

FinCEN Publishes Updated FAQs

Polsinelli on

Entities terminated in 2024 are required to file Corporate Transparency Act beneficial ownership information reports, as are administratively dissolved entities. The Financial Crimes Enforcement Network (“FinCEN”)...more

Morris, Manning & Martin, LLP

FinCEN Alert: Dissolution Before 2025 Won't Spare CTA Reporting Requirement

Morris, Manning & Martin, LLP on

On July 8, 2024, FinCEN published additional FAQs regarding entities that have ceased to exist.  Unsurprisingly, entities that formally and irrevocably dissolved prior to the Corporate Transparency Act's effective date of...more

Mayer Brown

FinCEN Requires Reporting from Dissolved Companies

Mayer Brown on

On July 8, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued interpretive guidance explaining that the beneficial ownership information (“BOI”) reporting requirement applies to certain legal entities that have...more

Polsinelli

What Franchisors and Franchisees Need to Know About the Corporate Transparency Act

Polsinelli on

A federal law requires franchisor and franchisee business entities to disclose personal information and photographs of persons with ownership and control over their business....more

Foodman CPAs & Advisors

CTA Fraud Alert From FinCEN

Foodman CPAs & Advisors on

FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act (CTA). Scammers are on the hunt to steal...more

Woods Rogers

Corporate Transparency Act: What You Need To Know

Woods Rogers on

The Corporate Transparency Act (CTA) went into effect on January 1, 2024, creating a national beneficial owner database to be used in combating money laundering,  by requiring companies to report information about their...more

Oberheiden P.C.

Corporate Transparency Act Compliance: What Company Owners Need to Know in 2024 (and Beyond)

Oberheiden P.C. on

The federal Corporate Transparency Act (CTA), formed under the National Defense Authorization Act, establishes new disclosure obligations for millions of companies operating in the United States and abroad including...more

Bressler, Amery & Ross, P.C.

The Corporate Transparency Act – What You Need to Know

Bressler, Amery & Ross, P.C. on

If you own or plan to form an LLC, corporation, or similar business entity, you should be aware of the Corporate Transparency Act and its reporting requirements to avoid significant penalties....more

Partridge Snow & Hahn LLP

Important Reminder – Corporate Transparency Act Filing Obligations

Partridge Snow & Hahn LLP on

This is a reminder that pursuant to the Corporate Transparency Act (“CTA”), most new and existing business entities are required to submit a beneficial ownership information (“BOI”) report to the Financial Crimes Enforcement...more

Clark Hill PLC

Exercise Caution in Corporate Transparency Act Compliance Matters

Clark Hill PLC on

Threat actors never miss an opportunity to use recent events to infect computer systems or quickly and easily gather personal information. The Corporate Transparency Act (“CTA”) is just such an opportunity and businesses and...more

Sheppard Mullin Richter & Hampton LLP

Hospitality Alert: Quick Facts on the Corporate Transparency Act

Sheppard Mullin Richter & Hampton LLP on

Whether you are a hotel owner, operator, or developer, or anyone who has an interest in an LLC, corporation, or limited partnership, you should be aware of your new compliance obligations under the Corporate Transparency Act...more

Sheppard Mullin Richter & Hampton LLP

The Corporate Transparency Act: Which Business Entities are Impacted and What is Required

Sheppard Mullin Richter & Hampton LLP on

Beginning on January 1, 2024, the Corporate Transparency Act (the “CTA”) requires each domestic and foreign entity that qualifies as a “reporting company” to file a Beneficial Ownership Information Report (“BOIR”) with the...more

Foley & Lardner LLP

The Corporate Transparency Act and the Impact on M&A in the U.S.

Foley & Lardner LLP on

2024 ushered in a seismic shift for mergers and acquisitions (M&A) in the U.S. with the implementation of the Corporate Transparency Act (CTA). Aimed at cracking down on the misuse of shell companies and promoting ownership...more

Verrill

Corporate Transparency Act—Overview and Initial Steps to Be Taken

Verrill on

The Corporate Transparency Act became effective January 1, 2024 and will require more than 30 million U.S. entities to register in 2024 with FinCEN (a bureau of the U.S. Treasury Department). Most large companies and...more

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