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 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