On December 3, 2024, the United States District Court for the Eastern District of Texas granted a preliminary nationwide injunction that prevents enforcement of the Corporate Transparency Act and the Beneficial Ownership Information Reporting Rule. The deadline for compliance with the Beneficial Ownership Information Reporting Rule has been stayed. Accordingly, reporting companies are not required to comply with the January 1, 2025 deadline pending further orders from the court. For any questions related to the Corporate Transparency Act, please reach out to our team at CTA@rezlegal.com.    

November 5, 2024 The Corporate Transparency Act (the “CTA”), effective January 1, 2024, is a new federal law that requires many small businesses to make informational filings with the U.S. Treasury Department’s Financial Crimes Enforcement Network(“FinCEN”). We wanted to make you aware of a few key points on the CTA. Additionally, please contact us at CTA@rezlegal.com with any questions. Mandatory Reporting: You must file a Beneficial Ownership Information (“BOI”) report with FinCEN if your business is considered a “reporting company.” This includes certain domestic and foreign-registered corporations and limited liability companies formed or registered in the US. Identifying Beneficial Owners: [...]

March 19, 2024 The Corporate Transparency Act (the “CTA”), effective January 1, 2024, is a new federal law that requires many small businesses to make informational filings with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). The CTA is intended to prevent illegal activity through anonymous shell companies by requiring certain privately held entities to report information about the entity’s beneficial owners to FinCEN (“BOI Reports”).[1] Reporting Companies Generally, any legal entity that meets the definition of a “reporting company” is required to file BOI Reports with FinCEN, unless they meet the criteria for a specific exemption. The CTA’s [...]