By Suzanne L. Saxman and Breanne E. Vaclavik
Seyfarth Synopsis: On October 3, 2024, the Financial Crimes Enforcement Network (FinCEN) issued new guidance concerning the Corporate Transparency Act (CTA) by updating and expanding on the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs) that Seyfarth’s CTA Task Force has covered in the past. Key updates include clarifications on who
Continue Reading FinCEN’s October 2024 Beneficial Ownership Information FAQ Update
WEBINAR – Aug 8, 2024
About the Program: Under the Corporate Transparency Act, entities formed before 2024 must submit their initial Beneficial Ownership Information Report (BOIR) by December 31, 2024, unless they fall under a specific outlined exemption. With this deadline drawing near, it is essential to determine if your company is subject to these filings and, if so
Continue Reading Webinar: Understanding the Corporate Transparency Act – What You Need to Know Before the December 31 Filing Deadline
By Suzanne L. Saxman, Shamim Mohandessi, and Tess Rabin
Seyfarth Synopsis: On July 8, 2024, the Financial Crimes Enforcement Network (FinCEN) issued new guidance concerning compliance with the Corporate Transparency Act (CTA) by revising and elaborating on the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs) that Seyfarth’s CTA Task Force has covered in the past. This
Continue Reading LEGAL UPDATE – FinCEN’s New Guidance on Beneficial Ownership Reporting
By Suzanne L. Saxman, Shamim Mohandessi, and Tess Rabin
Seyfarth Synopsis: On June 10, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding Corporate Transparency Act (CTA) compliance by updating and expanding the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs) as has become regular practice.
The updates provide clarity on reporting requirements for
Continue Reading FinCEN Updates Corporate Transparency Act Guidance: New Clarity for Tribal Entities and Exempted Companies
By Stanley E. Bloch and Ryan P. Boylan
Seyfarth Synopsis: On December 22, 2023 the State of New York adopted the New York LLC Transparency Act (as amended to date, the “NY LLCTA”). The NY LLCTA in many respects follows the federal Corporate Transparency Act (together with any regulations promulgated thereunder, the “CTA”). However, one material
Continue Reading New York LLC Transparency Act: What You Need to Know
By Ingrid C. Manevitz and Kristin Pendergrass
Seyfarth Synopsis: The Corporate Transparency Act of 2020 (“CTA”) took effect on January 1, 2024 (“Effective Date”), impacting many privately held corporations, limited liability companies, and other similar entities. At a high level, the goal of the CTA and its associated beneficial ownership information regulations (“BOI Regulations”) is to penetrate through layers
Continue Reading Complying with the Corporate Transparency Act of 2020: Guidance for New York Cooperatives and Condominiums