Insights on Corporate Transparency Act Task Force

As promised by the US Department of Treasury in early March, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing the requirement for US companies, their beneficial owners, and US persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act (CTA).

Across all industries, family offices and their owners and management teams face rapidly evolving challenges, opportunities, and risks in the dynamic environment that is 2025. Here are six issues that family offices should consider and be mindful of this year.

As the flurry of Corporate Transparency Act (CTA) developments continues, on March 2, the US Department of the Treasury (Treasury) announced the suspension of CTA enforcement against US citizens and domestic reporting companies, following on the heels of last week’s announcement by the Financial Crimes Enforcement Network (FinCEN) that it is not issuing fines or penalties in connection with beneficial ownership information (BOI) reporting for the time being. Going forward, as indicated by Treasury, the CTA will apply only to foreign reporting companies.

Following a cascade of developments, the Corporate Transparency Act (CTA) is back, but with some potential changes on the horizon. Most reporting companies that have not yet filed all required reports under the CTA should prepare to file their initial, updated, or corrected reports by March 21, 2025.

In his published article, “The Corporate Transparency Act Whipsaw Continues,” Partner Evgeny Magidenko provides an in-depth analysis of the current legal landscape surrounding the Corporate Transparency Act (CTA) following a series of judicial decisions.

Adding yet another chapter to the Corporate Transparency Act (CTA) saga, the US Court of Appeals for the Fifth Circuit on December 26 issued an order vacating its stay of the Texas federal district court’s preliminary nationwide injunction barring the US government’s enforcement of the CTA. As a result, the government is again prohibited from enforcing the CTA and its beneficial ownership information reporting rule.

On December 23, the US Court of Appeals for the Fifth Circuit stayed the nationwide preliminary injunction barring the US government’s enforcement of the Corporate Transparency Act (CTA) and its rule requiring the reporting of “beneficial ownership information” (BOI) that had been issued by the US District Court for the Eastern District of Texas on December 3 in Texas Top Cop Shop, Inc. v. Garland (Docket No. 4:24-CV-478).

On December 3, the US District Court for the Eastern District of Texas issued a nationwide preliminary injunction barring the enforcement by the US government of the Corporate Transparency Act (CTA).

A federal court recently ruled that the Corporate Transparency Act (CTA) is unconstitutional.

With 2024 underway, ArentFox Schiff highlights 10 of the most pressing legal issues facing the consumer products industry this year.

2023 was a pivotal year for the emerging companies, creating new categories of winners and losers across the board. Emerging companies incorporating artificial intelligence or that have clear line of sight to positive cash flows gained significant traction.

After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023.

2023 was a pivotal year for the beverage and food industry globally, creating new categories of winners and losers across the board. With a full year of operations largely relieved of pandemic-era restrictions, restaurant companies that survived the pandemic posted record numbers.

Private companies and their owners face ever-evolving challenges as the market sees new regulations, new deal trends, and new risks in 2024. Below are 10 issues that the owners and leaders of privately held companies should consider in 2024.

As we enter into this second full year of the artificial intelligence (AI) revolution, a clear understanding of the technology and its legal implications becomes crucial for every General Counsel (GC).

On January 1, the Corporate Transparency Act (CTA) went into effect.

The fashion and retail industry experienced another year of considerable change in 2023.

The US Financial Crimes Enforcement Network (FinCEN) released several new FAQs this month to provide further clarity on the Corporate Transparency Act’s (CTA) provisions.

The Corporate Transparency Act (CTA) became effective on January 1. The CTA creates a new national database of companies, maintained by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), to facilitate the government’s law enforcement and national security efforts.

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed entities to register with and disclose beneficial ownership information to the US government’s Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024.

On November 29, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule extending the Corporate Transparency Act (CTA) deadline to file initial beneficial ownership information (BOI) reports for entities created or registered in 2024.

As we highlighted in the Family Office Newsletter’s pages in June, the Corporate Transparency Act (CTA) is slated to go into effect on January 1, 2024.

Christopher Floss will present at the Greater North Shore Estate & Financial Planning Council on September 20, 2023.

Family offices routinely create, manage, and invest in multiple entities, including corporations, limited liability companies, and partnerships. For entities formed or operating in the United States, there has never been a comprehensive national requirement to disclose ultimate beneficial ownership.

In the inaugural episode of Corporate Corner, hosts Scott Adamson and William D’Angelo speak with AFS Partner Adam Diederich to discuss the Corporate Transparency Act (CTA), which will take effect in 2024.