The United States District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) is unconstitutional. Read more about the update here.
FinCEN Rule Update
Since 2016 the Financial Crimes Network of the Treasury Department (“FinCEN”) has issued orders requiring title insurance companies to report certain non-financed residential real estate transactions to entities and trusts above a certain price threshold. These “Residential Real Estate Geographic Targeting Orders” or “GTOs” are limited to certain locations in the United States.
Corporate Transparency Act: Final Rule Extending Certain Reporting Dates
FinCEN published a notice of proposed rulemaking on September 28, 2023 and the final regulations were just promulgated on November 30, 2023 that would extend the initial filing period to 90 days. The new rule, along with the CTA, becomes effective on January 1, 2024.
Corporate Transparency Act: SCAM Alert
Unfortunately, there are always people out there looking for new ways to steal our personal information. The latest scam? Sending ominous warnings that personal information must be filed immediately with bogus or non-existent entities pursuant to the Corporate Transparency Act.
Corporate Transparency Act Beneficial Ownership Information (BOI) Notice of Proposed Rules
On Friday, September 29, 2023, the Treasury Department published a notice of information collection under the Corporate Transparency Act (the “Act”) in the Federal Register.
Corporate Transparency Act Beneficial Ownership Information (BOI) Reporting Updated FAQs
On Friday, September 29, 2023, the Treasury Department updated its Frequently Asked Questions regarding compliance with the Corporate Transparency Act’s beneficial ownership and control reporting rules.