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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