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3 weeks ago | 
mondaq.com | Daniel Desmond |Anthony Austin |Charmaine E. Nyman
On March 21, 2025, the Financial Crimes Enforcement Network("FinCEN") issued an Interim Final Rule(the "Interim Rule") removing Beneficial OwnershipInformation Reporting ("BOIR") requirements for U.S.companies and U.S. individuals under the Corporate Transparency Act(the "Act").
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1 month ago | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman |Anthony Austin |Caitlin Long
On March 2, 2025, the U.S. Department of the Treasury("Treasury" or "the Treasury Department")announced it will not enforce penalties against U.S. citizens anddomestic reporting companies for failure to file BeneficialOwnership Information Reports ("BOIRs") under existingregulatory deadlines and under forthcoming rule changes expectedpursuant to the Corporate Transparency Act (the "Act").
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1 month ago | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman |Anthony Austin
On February 27, 2025, FinCEN announced that it will no longerimpose penalties on Reporting Companies that fail to meet deadlinesfor filing their Beneficial Ownership Information Reports("BOIRs"), as required by the Corporate Transparency Act(the "Act"). The Department of Treasury's FinancialCrimes Enforcement Network's ("FinCEN") announcementalso stated that it intends to extend the March 21, 2025 filingdeadline in a to-be-issued Interim Final Rule.
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2 months ago | 
mondaq.com | Charmaine E. Nyman |Anthony Austin
This is an update to our December 13, 2024 alert titled"Filing Fees for Pennsylvania Certificates of AnnualRegistration Expected to Increase in 2025".
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Jan 9, 2025 | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman
UPDATE: A decision by the Fifth Circuit Court of Appealson December 23, 2024 lifted the preliminary injunction. FinCENresponded by extending the January 1, 2025 compliance deadline forexisting Reporting Companies until January 13, 2025, and alsogranted extensions to certain Reporting Companies formed in thefourth quarter of 2024.
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Jan 9, 2025 | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman |Caitlin Long
On December 26, 2024, the United States Court of Appeals for theFifth Circuit reinstated the nationwide preliminary injunctionblocking enforcement of the Corporate Transparency Act (the“Act”). This decision comes just three days after anorder from a separate panel of judges from the same Court was issued to stay the preliminary injunction and whichhad, temporarily, reinstated compliance requirements under the Act.
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Jan 9, 2025 | mondaq.com | Daniel Desmond |Charmaine E. Nyman |Caitlin Long
On December 26, 2024, the United States Court of Appeals for theFifth Circuit reinstated the nationwide preliminary injunctionblocking enforcement of the Corporate Transparency Act (the“Act”). This decision comes just three days after anorder from a separate panel of judges from the same Court was issued to stay the preliminary injunction and whichhad, temporarily, reinstated compliance requirements under the Act.
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Jan 9, 2025 | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman
UPDATE: A December 26, 2024 decision by a separatemerits-panel of the Fifth Circuit Court of Appeals has lifted thestay of the preliminary injunction originally granted by themotions-panel of the Fifth Circuit on December 23, 2024. Thisdecision halts compliance requirements for Reporting Companiesunder the Corporate Transparency Act, including the submission ofBeneficial Ownership Information Reports ("BOIR"). Please see our latest alert for moreinformation.
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Jan 9, 2025 | 
mondaq.com | Charmaine E. Nyman |Anthony Austin
Pennsylvania professional entities should prepare for highercompliance costs in 2025 as the fee for Certificates of AnnualRegistration is expected to increase.
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Jul 10, 2024 | 
mondaq.com | Daniel Desmond |Charmaine E. Nyman
On January 1, 2021, Congress enacted the Corporate Transparency
Act (the "CTA"), which requires that certain companies
disclose the identity of their beneficial owners and provide other
information to the Department of the Treasury's Financial
Crimes Enforcement Network ("FinCEN") through Beneficial
Ownership Information Reports ("BOIRs") beginning January
1, 2024. For a quick overview, you can read about the basics of the
CTA and what you need to know about its implementation here.
