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Please Click HerePosted on January 3, 2025 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The Corporate Transparency Act (“CTA”) has been on a journey this past month with a whirlwind of court rulings: halted by a federal district court, reinstated by the Fifth Circuit’s motions panel, had its reporting deadlines extended by FinCEN, and then halted again by the Fifth Circuit’s merits panel. Amidst all this back-and-forth, predicting what […]
Posted on December 27, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The U.S. Court of Appeals for the Fifth Circuit has once again vacated enforcement of the Corporate Transparency Act (CTA) and its reporting requirements. This latest decision temporarily halts the mandate for entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), reinstating a pause on compliance obligations. The appellate court’s panel […]
Posted on December 24, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
FinCEN has extended the reporting deadline for companies created or registered before January 1, 2024, to January 13, 2025. In an alert posted Tuesday night, FinCEN recognized that “reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect.” Previously, the reporting deadline for these companies was […]
Posted on December 23, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The Corporate Transparency Act (“CTA”) and its reporting requirements are back in effect. The Fifth Circuit Court of Appeals has granted the U.S. Government’s motion for an emergency stay of the nationwide CTA injunction. This means the federal injunction that sought to overrule or pause the CTA is temporarily halted. As a result, reporting companies […]
Posted on December 7, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The U.S. Government has appealed a federal judge’s order temporarily blocking the enforcement of the Corporate Transparency Act (CTA). As a result, the case is now headed to the Fifth Circuit Court of Appeals. Currently, reporting companies are not required to submit filings. FINCEN has acknowledged this in a recent update to its website, stating: […]
Posted on December 3, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
A federal district court in Texas has issued a landmark decision postponing the enforcement of the Corporate Transparency Act (the “CTA”). The Court held that the CTA exceeds Congress’ power and is therefore likely unconstitutional. As a result, reporting companies are no longer required to comply with the CTA’s January 1, 2025, reporting deadline. As […]
Posted on October 15, 2024 by Amy E. Ebeling, Jacob A. Schraeder and Morgan H. Sweeney
The Corporate Transparency Act (CTA) remains in effect, and, as a result, many entities are required to submit filings to the federal government by the January 1, 2025, deadline. A failure to timely file may result in civil and criminal penalties. Under the CTA, a “reporting company” must file a Beneficial Ownership Information Report (“BOIR”) […]
Posted on July 30, 2024 by Amy E. Ebeling and Jacob A. Schraeder
The Corporate Transparency Act (the “CTA”) imposes requirements on entities dissolved in 2024. Effective as of January 1, 2024, the CTA mandates entities disclose information about their “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”). Previously, there was uncertainty about whether dissolved entities must report under the CTA. However, on July 8, FinCEN updated […]
Posted on July 1, 2024 by Amy E. Ebeling and Jacob A. Schraeder
Wisconsin’s marital property laws impact compliance with the Corporate Transparency Act (the “CTA”). As discussed in other Ruder Ware CTA Focus Team insights, the CTA requires a “reporting company” to report information about its “beneficial owners” to the Financial Crimes Enforcement Network (“FinCEN”). The CTA defines a beneficial owner as “any individual who, directly or […]
Posted on June 12, 2024 by Amy E. Ebeling and Ruder Ware Alumni
The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business in the United States. As discussed in other Ruder Ware CTA Focus Team insights, there is a presumption that all entities are bound […]