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...UPDATE: Deadlines Resume for Beneficial Ownership Information Reporting
Please be aware of this important update regarding the mandatory reporting deadline for reporting entities. On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the injunction entered by the U.S. District Court for the Eastern District of Texas to halt enforcement of the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the Corporate Transparency Act (CTA). 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.
read more...Beneficial Ownership Information Reporting
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the United States. Starting in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity.
read more...UNDERSTANDING TYPES OF NON-PROFIT ORGANIZATIONS
The IRS, taxes, Internal Revenue Code, and exemptions are all things that require careful reading and consideration. IRS codes are a language of their own. If you are a non-profit organization in particular, knowing what your company designation is with the IRS is beneficial and important.
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