Corporate Transparency Act Updates
Enacted into federal law in January of 2021, the Corporate Transparency Act (“CTA”) established beneficial ownership information reporting requirements for reporting companies. Through various challenges and policy changes, the reporting requirements remain in a state of flux.
Fox Swibel continues to monitor updates on CTA enforcement, and developments can be found here. If you have any questions about the CTA and this development, please contact David Morris ([email protected]) or Marcus Lind-Martinez ([email protected]).
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) published an interim final rule that exempts all entities created in the United States – including those previously known as “domestic reporting companies” – and their beneficial owners from the requirement to report beneficial ownership information to FinCEN. This effectively eliminates reporting requirements for the […]
read moreOn February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a press release announcing that it will not issue any fines or penalties, or take any other enforcement actions against companies based on any failure to file or update their beneficial ownership information (BOI) reports by the March 21, 2025 deadline. FinCEN also announced […]
read moreReporting companies are once again required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the remaining injunction that prohibited FinCEN from enforcing the Corporate Transparency Act (CTA) in Smith v. U.S. Department of the Treasury. In […]
read moreTo: Clients and Friends of Fox Swibel Levin & Carroll LLP Reporting companies are still not required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN) – for now. Last week, the Supreme Court lifted an injunction related to a Fifth Circuit case we have been reporting on, Texas Top Cop Shop, […]
read moreTo: Clients and Friends of Fox Swibel Levin & Carroll LLP Only days after a Fifth Circuit panel lifted the injunction on the Corporate Transparency Act (CTA), another Fifth Circuit panel has reinstated the injunction. Once again, the federal government is prohibited from enforcing the CTA, and filing of beneficial ownership information is now voluntary. […]
read moreTo: Clients and Friends of Fox Swibel Levin & Carroll LLP Please be aware that on December 23, 2024, the Fifth Circuit of the U.S. Court of Appeals granted the federal government’s request to stay a lower court’s ruling that halted the enforcement of the Corporate Transparency Act (CTA). This ruling reinstates the CTA’s reporting […]
read moreFederal Court Grants Injunction Prohibiting Government from Enforcing the Corporate Transparency Act
To: Clients and Friends of Fox Swibel Levin & Carroll LLP Please be aware that on December 3, 2024, a Texas-based federal court issued a broad order prohibiting the federal government from enforcing the Corporate Transparency Act (CTA). In its ruling on Texas Top Cop Shop, Inc., et al. v. Garland, et al., the Texas […]
read moreTo: Clients and Friends of Fox Swibel Levin & Carroll LLP We are nearly two months away from an important Corporate Transparency Act (the “CTA”) deadline. Reporting Companies created or registered to do business in the United States before January 1, 2024 must file Beneficial Ownership Information Reports by January 1, 2025. If you would […]
read moreBy David J. Morris Updated 12/11/2023 Enacted into federal law in January of 2021, the Corporate Transparency Act (“CTA“) established information reporting requirements for reporting companies. Reporting companies include (1) corporations, limited liability companies (“LLC’s“) or other entities created through the filing of a document with a state government, and (2) corporations, LLC’s or other […]
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