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Under the Corporate Transparency Act, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires small business owners to report certain information. The requirements are intended to help prevent criminals from using businesses for illicit activities. They mandate businesses to provide beneficial ownership information (BOI) about their owners to FinCEN. The deadline to file a BOI report was Jan. 1, 2025. However, a federal court struck down the law, finding its reporting regs likely unconstitutional. The court issued a nationwide preliminary injunction that temporarily halts the requirements. Further rulings may reverse this decision. Contact us about how to proceed. For more information about the case: https://bit.ly/3Vyspjl #CorporateTransparencyAct #CTAUpdate #BOIReporting #FinCEN #SmallBusinessCompliance #TaxLaw #IRSNews #BeneficialOwnership #TaxUpdates #ComplianceMatters #BusinessLaw

Under the Corporate Transparency Act, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires small business owners to report certain information. The requirements are intended to help prevent criminals from using businesses for illicit activities. They mandate businesses to provide beneficial ownership information (BOI) about their owners to FinCEN. The deadline to file a BOI report was Jan. 1, 2025. However, a federal court struck down the law, finding its reporting regs likely unconstitutional. The court issued a nationwide preliminary injunction that temporarily halts the requirements. Further rulings may reverse this decision. Contact us about how to proceed. For more information about the case: https://bit.ly/3Vyspjl #CorporateTransparencyAct #CTAUpdate #BOIReporting #FinCEN #SmallBusinessCompliance #TaxLaw #IRSNews #BeneficialOwnership #TaxUpdates #ComplianceMatters #BusinessLaw

Under the Corporate Transparency Act, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires small business owners to report certain information. The requirements are intended to help prevent criminals from using businesses for illicit activities. They mandate businesses to provide beneficial ownership information (BOI) about their owners to FinCEN. The deadline to file a BOI report was Jan. 1, 2025. However, a federal court struck down the law, finding its reporting regs likely unconstitutional. The court issued a nationwide preliminary injunction that temporarily halts the requirements. Further rulings may reverse this decision. Contact us about how to proceed. #BOI #beneficialownershipinformation #FinCEN #halt #unconstitutional #contactus

The Corporate Transparency Act (CTA) took effect on January 1, 2024, adding another layer of compliance for most businesses. While there are notable exemptions to the CTA, most companies must file certain information on their “beneficial owners” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand their obligations under the CTA since the potential penalties for noncompliance are severe. FLB Law Partner Rick Costantini highlights a few things every business should know about their reporting obligation. #FLBLaw #corporatelaw #CorporateTransparency

The Corporate Transparency Act (CTA) took effect on January 1, 2024, adding another layer of compliance for most businesses. While there are notable exemptions to the CTA, most companies must file certain information on their “beneficial owners” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand their obligations under the CTA since the potential penalties for noncompliance are severe. FLB Law Partner Rick Costantini highlights a few things every business should know about their reporting obligation. #FLBLaw #corporatelaw #CorporateTransparency

Under the Corporate Transparency Act, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires small business owners to report certain information. The requirements are intended to help prevent criminals from using businesses for illicit activities. They mandate businesses to provide beneficial ownership information (BOI) about their owners to FinCEN. The deadline to file a BOI report was Jan. 1, 2025. However, a federal court struck down the law, finding its reporting regs likely unconstitutional. The court issued a nationwide preliminary injunction that temporarily halts the requirements. Further rulings may reverse this decision. Contact us about how to proceed.

All business owners must be aware of the reporting requirements for the new federal law – Corporate Transparency Act. The Corporate Transparency Act (the “CTA”) went into effect January 1, 2024, and “reporting companies” in the United States are required to disclose information regarding its beneficial owners. According to the CTA, beneficial owners are defined as individuals who own or control a company, and such information must be submitted to the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). To read the full article and learn more about the CTA, click here: https://ow.ly/QqCn50QIMBq. #obermanlaw #CTA #CorporateTransparencyAct #FinCEN

All business owners must be aware of the reporting requirements for the new federal law – Corporate Transparency Act. The Corporate Transparency Act (the “CTA”) went into effect January 1, 2024, and “reporting companies” in the United States are required to disclose information regarding its beneficial owners. According to the CTA, beneficial owners are defined as individuals who own or control a company, and such information must be submitted to the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). To read the full article and learn more about the CTA, click here: https://ow.ly/fPYI50QIMBn. #obermanlaw #CTA #CorporateTransparencyAct #FinCEN

Corporate Transparency Act or CTA is a new law. Have you heard of this new rule? If you are a business owner you need to file before the year is over. This is a new federal law that was enacted in 2021 to help prevent and combat financial crimes and other misconduct. The CTA requires many companies that do business in the United States to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury. You will want to talk to your business attorney to make sure you are in compliance. You can simply go online and file for yourself. The most important thing is that you file. Go do it. You got this. #cta #corporatetransparencyact #wealthadvisor

Important Update: Corporate Transparency Act Enforcement Halted Nationwide A federal judge in Texas has issued a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), deeming it likely unconstitutional. The CTA required businesses to report beneficial ownership information to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). This ruling halts the implementation of these reporting requirements, which were set to take effect on January 1, 2024. Business owners should stay informed as this legal development unfolds, as it may impact compliance obligations. #CorporateTransparencyAct #FinCEN #BusinessCompliance #LegalUpdate