A recent court decision declaring the Corporate Transparency Act unconstitutional only affects companies that were National Small Business Association members on March 1, 2024. Other companies and real estate investors still must report their beneficial ownership information to FinCEN.
Read MoreThe Corporate Transparency Act, which took effect on January 1, 2024, requires many legal entities to report their beneficial owners and other information to FinCEN. In December, New York passed a law requiring LLCs to report similar information to its Department of State. The New York law will make certain beneficial owner information public, introducing privacy concerns not present with the CTA.
Read MoreFinCEN’s proposed extension of the Corporate Transparency Act reporting deadline would provide needed additional time so new companies likely would not have to immediately update their initial filings. However, the extension would be temporary and would not address other challenges presented by the Act.
Read MoreFinCEN recently adopted a final rule implementing the Corporate Transparency Act. Although the rule doesn’t take effect until January 1, 2024, companies should start preparing now.
Read MoreFinCEN regulation of all-cash real estate transactions appears likely. Are you prepared?
Read MoreReal estate fund sponsors should establish policies and procedures and adapt their legal documents to prepare for the Corporate Transparency Act.
Read MoreThe newly-passed Corporate Transparency Act will require many small businesses and real estate investment to disclose their beneficial owners.
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