Corporate Transparency Act: Federal Government Files Notice of Appeal in Alabama Ruling
Peter Tirella | 03.12.24
On March 1, 2024, an Alabama federal court issued a ruling in National Small Business United v. Yellen in the plaintiffs' favor.
Business Minute
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Viewing posts in "Corporate Transparency Act (CTA)".
What Businesses Need to Know About the Corporate Transparency Act (CTA)
Patrick Neuman, Peter Tirella, LuAnn Peterson, SBWCP, Jeff Storch | 03.07.24
Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. It is critical that businesses understand their reporting requirements and how to properly report their information under this new law.
Alabama Federal Ruling Exempts Certain Parties from Corporate Transparency Act Compliance
Peter Tirella | 03.06.24
On March 1, 2024, the U.S. District Court of the Northern District of Alabama, Northeastern Division, granted summary judgment in National Small Business United v. Yellen. The case, filed by the National Small Business Association (NSBA) and others, alleged that the passage and enforcement of the Corporate Transparency Act (CTA) exceeded the U.S. Constitution’s limits on congressional power.
Updates for Businesses in 2024
Jeff Storch | 12.13.23
Changes are coming in 2024 that will affect the business entities with which we work.
Corporate Transparency Act: Proposed Rule May Extend Certain Reporting Deadlines
Peter Tirella | 10.19.23
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule (the Final Rule) implementing the Corporate Transparency Act’s beneficial ownership information (BOI) provisions.
FinCEN Final Rule on Beneficial Ownership Information Reporting
Peter Tirella | 10.25.22
The BOI Rule is designed to make it more difficult for criminals and other bad actors to use shell and front companies to carry on illegal activity.
National Beneficial Ownership Reporting Coming for Wisconsin Limited Liability Companies and Other Entities
Jeff Storch | 03.24.21
While Chapter 183 of the Wisconsin Statutes (Wisconsin’s Limited Liability Company Act) does not require listing the members of a limited liability company (LLC) in the LLC’s operating agreement or annual report, the Corporate Transparency Act, adopted as Title LXIV of the 2021 National Defense Authorization Act (the NDAA), requires the creation of a national database of the “beneficial ownership” of many entities, including LLCs. Therefore, federal reporting of certain LLC members will be required in the future.