Deadlines Resume for Beneficial Ownership Information Reporting
Please be aware of this important update regarding the mandatory reporting deadline for reporting entities. On January 7, 2025, the U.S. Supreme Court issued a stay of the nationwide preliminary injunction by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland. On February 18, 2025, the U.S. District Court for the Eastern District of Texas issued a similar stay of the second nationwide injunction in the Smith v. U.S. Department of the Treasury matter. As a result of both stays now being issued, business subject to BOI reporting are required to file their BOI reports. On February 18, 2025, the Financial Crimes Enforcement Network (“FinCEN”), issued guidance extending the reporting deadlines. This means that the reporting deadlines were paused before, and now they have resumed.
read more...Blog Update: Beneficial Ownership Information Reporting
Please be aware of this important update regarding the mandatory reporting deadline for reporting entities. On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA) that established the Beneficial Ownership Information Reporting requirements. This means the Financial Crimes Enforcement Network (FinCEN), a Bureau within the Treasury Department, cannot currently enforce the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the CTA. The lawsuit asserted that the CTA is outside of Congress’ power to regulate under the Commerce Clause and is therefore unconstitutional.
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The U.S. Small Business Administration is opening their Paycheck Protection Program (“PPP“) to applications beginning April 3, 2020. This program allows employers to receive up to $10 million in low interest loans to cover the cost of two months of…
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Turkey or Ham with Stuffing, the Key to Determining if Fantasy Football is Legal! Let me ask you a very simple question: On Thanksgiving, would you rather have turkey or ham with stuffing? The way the above question is interpreted…
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