Posts Tagged ‘Business Reporting’
Enforcement of Corporate Transparency Act (CTA) is SUSPENDED
Big news for small businesses: the U.S. Treasury is indefinitely suspending enforcement of the Corporate Transparency Act (the “CTA”). That means, for now, these businesses do not have to report their beneficial ownership information (“BOI”) to the federal government. FinCEN, the agency handling BOI reporting, has also confirmed it will not be issuing fines or…
Read MoreSCOTUS weighs in on the CTA but the nationwide injunction remains
On January 23, 2025, the Supreme Court of the United States granted relief to the federal government in Texas Top Cop Shop, Inc., et al. v. McHenry, et al., No. 4:24-cv-00478 (E.D. Tex.) (formerly, Texas Top Cop Shop v. Garland) concerning enforcement of the beneficial ownership interest reporting requirements (the “Reporting Rule”) under the Corporate Transparency…
Read MoreALERT: Nationwide Stay Against CTA is Back On
In an interesting turn of events, on December 26, the U.S. Court of Appeals for the Fifth Circuit vacated (i.e. nullified) its December 23 ruling that reinstated the requirement to comply with the Corporate Transparency Act (“CTA”) and its beneficial ownership interest reporting requirements by January 13, 2025. The Fifth Circuit essentially revived the preliminary…
Read MoreImportant Update: Federal Court Halts Enforcement of Corporate Transparency Act Filing Requirements
On December 3, 2024, a major legal development occurred regarding the Corporate Transparency Act (CTA) that affects businesses across Ohio and the U.S. In the case Texas Top Cop Shop, Inc. et al. v. Garland, a federal district court in Texas issued a preliminary injunction that temporarily halts the enforcement of the CTA’s requirement for…
Read MoreBUSINESS ALERT: Business owners must now disclose beneficial ownership to the federal government
Congress recently passed a law requiring the disclosure of certain information regarding the ownership and control of entities created through state filings. Business owners will do well to comply in order to avoid steep penalties.
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