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FinCEN Beneficial Owner Information Reports are Dead

On March 2, 2025, the U.S. Treasury issued the following  press release: The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that

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FinCEN will Not Enforce CTA Fines or Penalties

On February 27, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued the following press release: Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the

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FinCEN BOI Reports Reinstated as of 2/18/25

The text below is from FinCEN’s website. With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025,

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Senator Tuberville Introduced a Bill to Repeal the Corporate Transparency Act

U.S. Senator Tommy Tuberville (R-AL) introduced legislation to repeal the Corporate Transparency Act (CTA) and protect small businesses. Signed into law as part of the Fiscal Year 2021 National Defense Authorization Act (NDAA), the CTA requires individuals with an ownership interest in a limited liability company (LLC) to disclose personal data with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The CTA specifically targets American small business owners – and failure to comply could result in up to two years of jail time and fines of up to $10,000 per violation. Senator Tuberville’s legislation,

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FinCEN’s Updated Notice re National Small Business United v. Yellen

The following is the text of a March 11, 2024, FinCEN news release: “On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. The Justice Department, on behalf of the Department of the Treasury,

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Must Read Article for BOI Report Do-It-Yourselfers

If you own a company that has to file a FinCEN BOI report you must read our article called “Navigating the Corporate Transparency Act: How to Avoid the $500/Day Fine.”  It explains in detail what owners of U.S. companies need to do to avoid the $500 a day late filing fine.  Before filing a FinCEN BOI report yourself you must read FinCEN’s 33 page report FAQ.

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What If Beneficial Owner Refuses to Give Information?

Question:  What should a reporting company do if a beneficial owner or company applicant withholds information? Answer: While FinCEN recognizes that much of the information required to be reported about beneficial owners and company applicants will be provided to reporting companies by those individuals, reporting companies are responsible for ensuring that they submit complete and accurate beneficial ownership information to FinCEN. Starting January 1, 2024, reporting companies will have a legal requirement to report beneficial ownership information to FinCEN. Existing reporting companies should engage with their beneficial owners to advise

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Who Can Be Liable for Violating BOI Reporting Requirements?

Question: Who can be held liable for violating BOI reporting requirements? Answer: Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with FinCEN, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either cause the failure or

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