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FinCEN › Reporting Requirements › U.S. Treasury

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 -
Fox Rothschild LLP

What Co-op and Condo Boards Need to Know About the Corporate Transparency Act

Fox Rothschild LLP on

As the year-end deadline for compliance with the Corporate Transparency Act approaches, boards of cooperatives, condominiums and Homeowners Associations should be aware of the requirements that may affect them. The CTA...more

Goodwin

FinCEN Adopts Reporting Requirement for Non-Financed Residential Real Estate Transfers

Goodwin on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule (the Residential Real Estate Rule) requiring certain persons involved in residential real estate closings and...more

Katten Muchin Rosenman LLP

Corporate Transparency Act: January 1, 2025 Filing Deadline and Recent Developments

Katten Muchin Rosenman LLP on

This Corporate Advisory provides a brief update on the Corporate Transparency Act (CTA), its reporting requirements and deadlines, and certain recent developments. It is not intended to, and does not, provide legal,...more

Foley Hoag LLP

Treasury Subjects Investment Advisers to Anti-Money Laundering Requirements

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On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rule requiring certain investment advisers to implement anti-money laundering (“AML”) compliance...more

Mayer Brown

FinCEN Finalizes Residential Real Estate Reporting Requirements

Mayer Brown on

On August 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) finalized a rule to require reporting of certain US residential real estate transactions (“Final Rule”). The Final Rule...more

Lowenstein Sandler LLP

The Real (Estate) Deal: FinCEN’s New Reporting Requirements for Property Transfers

Lowenstein Sandler LLP on

In response to illicit finance risks identified in the U.S. residential real estate sector, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced the issuance of its long-anticipated...more

Holland & Knight LLP

New FinCEN FAQ Guidance: Taxpayer ID Numbers, Disregarded Entities and Best Practices

Holland & Knight LLP on

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on July 24, 2024, issued two new FAQs providing guidance on 1) how to obtain a taxpayer identification number (TIN) in a manner to ensure...more

Seyfarth Shaw LLP

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 2: CTA Compliance for Subsidiaries of Tax-Exempt...

Seyfarth Shaw LLP on

This article provides Corporate Transparency Act (CTA) guidance to tax-exempt organizations with subsidiaries. For a general overview of CTA compliance for nonprofit and tax-exempt organizations, please see Part 1: When to...more

Seyfarth Shaw LLP

Demystifying the Corporate Transparency Act for Tax-Exempt Organizations – Part 1: When to File a Beneficial Ownership Information...

Seyfarth Shaw LLP on

The Corporate Transparency Act (CTA) took effect on January 1, 2024 and some U.S. nonprofits and tax-exempt organizations are still debating how the CTA applies to them. This article provides newly-formed and existing...more

Foodman CPAs & Advisors

Acceso A BOI: Enfoque Gradual De FinCEN

Foodman CPAs & Advisors on

El 4/18/24, FinCEN actualizó su sección de preguntas frecuentes y agregó una nueva sección titulada “Acceso a información de BOI”. Esta nueva sección aborda el enfoque gradual de FinCEN para brindar acceso a BOI (información...more

Foodman CPAs & Advisors

Access To BOI: FinCEN Phased Approach

Foodman CPAs & Advisors on

On 4/18/24, FinCEN updated its FAQ Section and added a new section titled “Access to BOI Information”. This new section addresses the phased approach from FinCEN to providing access to BOI – beneficial ownership information –...more

Holland & Knight LLP

CTA Heats Up with New FAQs, Government and Amicus Briefs and New Draft Legislation

Holland & Knight LLP on

The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...more

Vinson & Elkins LLP

Considerations for REITs, their Subsidiaries, and Other Real Estate Companies under the Corporate Transparency Act

Vinson & Elkins LLP on

The Corporate Transparency Act (the “CTA”), a new federal law, went into effect on January 1, 2024. The CTA requires that certain entities file Beneficial Ownership Information Reports (“BOI Reports”) with the Financial...more

Whiteford

Corporate Transparency Act Guidelines - April 2024

Whiteford on

The Corporate Transparency Act’s (the “CTA”) reporting requirements are effective as of January 1, 2024. As a result, many companies in the United States will have to report information about their beneficial owners, i.e.,...more

Cadwalader, Wickersham & Taft LLP

Court Finds Corporate Transparency Act Unconstitutional and Unenforceable as to NSBA Members

Cadwalader, Wickersham & Taft LLP on

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA requires many U.S. entities to disclose their individual beneficial...more

Cozen O'Connor

U.S. District Court for the Northern District of Alabama Finds CTA Unconstitutional: National Small Business United, et al v....

Cozen O'Connor on

In a case brought by the National Small Business Association and an individual owner of a small business (Plaintiffs), the U.S. federal district court for the Northern District of Alabama has ruled that the Corporate...more

Sherman & Howard L.L.C.

What Nonprofit Leaders Need to Know About the Corporate Transparency Act

Sherman & Howard L.L.C. on

Organizations across the country are grappling with how to comply with the Corporate Transparency Act (“CTA”), which went into effect on January 1. Fortunately for nonprofit organizations, federally tax-exempt entities are...more

Falcon Rappaport & Berkman LLP

Constitutional Clash: U.S. District Court Landmark Decision Declares the Corporate Transparency Act Unconstitutional

Falcon Rappaport & Berkman LLP on

In 2021, Congress passed the Corporate Transparency Act (CTA), which will be administered and enforced by the Financial Crimes Enforcement Network (“FinCEN”) of the United States Treasury Department, in an effort to implement...more

Husch Blackwell LLP

The Corporate Transparency Act Is Unconstitutional—But Not for You

Husch Blackwell LLP on

On Friday March 1, 2024, the U.S. District Court for the Northern District of Alabama in NSBA v. Yellen ruled that the Corporate Transparency Act (CTA) is unconstitutional because it cannot be justified as an exercise of...more

Vinson & Elkins LLP

The Corporate Transparency Act - NSBU v. Yellen

Vinson & Elkins LLP on

In a key development relating to the Corporate Transparency Act (the “CTA”), on March 1, 2024, U.S. District Judge Liles C. Burke of the Northern District of Alabama issued a memorandum opinion and final judgment ruling the...more

Dechert LLP

Treasury Proposes Investment Advisers AML/CFT Program Rule

Dechert LLP on

Treasury proposed a new rule that would require investment advisers to establish an AML/CFT program and file certain reports, such as Suspicious Activity Reports (SARs), with FinCEN (Proposed Rule). The Proposed Rule...more

Cole Schotz

The CTA – Still in Effect, Despite Alabama Court Questioning Constitutionality

Cole Schotz on

On March 1st, Federal District Judge Liles C. Burke of the Northern District of Alabama issued an opinion in the case of NSBU v. Yellen finding that the Corporate Transparency Act (the “CTA”) is unconstitutional . In that...more

Kerr Russell

Alabama Court Declares Corporate Transparency Act Unconstitutional

Kerr Russell on

On March 1, 2024, a federal district court in Alabama entered a final declaratory judgment, finding the Corporate Transparency Act (CTA) unconstitutional and enjoining the Department of the Treasury and Financial Crimes...more

Willcox & Savage

Federal District Court Rules Corporate Transparency Act Unconstitutional

Willcox & Savage on

On March, 1, 2024, the U.S. District Court for the Northern District of Alabama held that the federal Corporate Transparency Act (CTA) is unconstitutional. The plaintiffs in the case are the National Small Business...more

Benesch

Those Subject to the Corporate Transparency Act Should Continue to Comply with its Requirements

Benesch on

Don’t panic! It is business as usual for those subject to the Corporate Transparency Act (the “CTA”). On March 1, 2024, Judge Liles C. Burke of the District Court for the Northern District of Alabama held the CTA...more

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