CTA Enforcement Paused
Lucas P. Sczygelski | 12.05.24
A federal district court in Texas issued a nationwide injunction Tuesday against enforcement of the Corporate Transparency Act (the “CTA”).
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Viewing posts in "Corporate Transparency Act (CTA)".
The Deadline for Entities to Report BOI is Fast Approaching
Jeff Storch, Richard L. Schmidt, LuAnn Peterson, SBWCP | 11.04.24
The January 1, 2025, reporting deadline for entities formed or registered before 2024 is fast approaching. (The reporting deadline for entities formed or registered this year is 90 days after formation or registration.) Many entities waited to file to see if reporting requirements would be changed or eliminated, whether due to new legislation or the results of several lawsuits challenging the CTA and BOI reporting requirements. However, to date no determinative lawsuit decisions or new legislation have changed the general requirements. Waiting until the last minute to report is risky.
Corporate Transparency Act: Federal Government Files Notice of Appeal in Alabama Ruling
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.
What Businesses Need to Know About the Corporate Transparency Act (CTA)
Patrick Neuman, 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
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
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
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.