March 4, 2025 – The Treasury Department has suspended enforcement, indefinitely, and will propose a narrowed rule to permanently address the issue. On March 2, the Treasury Department announced that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that… Read More »
DECEMBER 27, 2024 – This time of year, it is always important to keep your receipts in the event there is a needed return. The Fifth Circuit Court of Appeals has just returned to their previous ruling and have reinstated the nationwide injunction against the enforcement of the Corporate Transparency Act’s Beneficial Ownership Information filing. The Court also announced that it wouldn’t hear arguments further arguments until the end of March. As we stand today, businesses are NOT required to comply with the Corporate Transparency Act’s reporting requirements by January 13, 2025. Absent Supreme Court intervention compliance will likely be… Read More »
DECEMBER 23, 2024 – A federal Court of Appeals decision has reinstated the requirement under the Corporate Transparency Act (CTA) for filing requirements have been reinstated. Reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. (Those who fail to meet this deadline could face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day.) While you may feel like the ping pong ball in this game of regulatory back and forth, you must be prepared to mitigate the risks to you and your… Read More »
