Holmquist + Gardiner, PLLC的动态

12/26/24 update to FinCEN reporting rule: On December 26, the U.S. Court of Appeals for the Fifth Circuit reinstated the nationwide injunction halting further implementation and enforcement of the Corporate Transparency Act (CTA). The current order also prevents FinCEN from enforcing the Beneficial Ownership Information Reporting Rule. In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports FinCEN Beneficial Ownership Information (BOI) Reporting Rule Update https://hubs.la/Q030PZq10

Ok, my head is spinning with this new Fincen alert. Please read the full alert as of 12/27/24. Here is a summary. Alert: Alert [December 27, 2024]: Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. https://fincen.gov/boi

On Dec. 5, 2024, FinCEN filed a notice of appeal from the preliminary injunction issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland, No. 4:24-CV-478, 2024 U.S. Dist. LEXIS 218294 (E.D. Tex. Dec. 3, 2024). Around the same time, FinCEN updated its website with a statement that acknowledges the nationwide preliminary injunction and confirms that “reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect.” The statement goes on to note that reporting companies may “voluntarily” submit BOI Reports while the nationwide injunction remains in effect. As we previously advised, companies may wish to continue working through their analyses and forms to be prepared to comply with the CTA by the filing deadline in case the nationwide injunction is stayed, lifted, or otherwise made ineffective. Companies contemplating on submitting a “voluntary” BOI Report to FinCEN should consult with counsel to assess the risks and benefits of doing so. Read more in this #GTAlert written by Kyle Freeny, Marina Olman-Pal and Hilary Sledge-Sarnor: https://bit.ly/3ZoBBI1. #CTA #FinCEN #FinancialServices #Compliance

Small businesses - In the continuing saga of the challenges for BOI, the Fifth Circuit Court of Appeals reinstated the injunction on the enforcement of BOI reporting while it considers the merits of the case challenging the law. So, again, FinCEN is in a voluntary reporting mode for BOI. What they have not stated is whether the current January 13 deadline will move if the law stands. I can't offer any predictions on the ultimate outcome or what you should do if you have an LLC. Two different panels within the Fifth Circuit have taken two different positions. I would say that reporting is still available at https://www.fincen.gov/boi. There is also information there about the current status of the challenge.

An update on the Corporate Transparency Act (CTA), which requires certain legal entities in the US to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Important Note:?As of December 26, 2024, a federal court has issued an?injunction temporarily halting the implementation?of the CTA. See link below:???? https://lnkd.in/gGyXHjax Next Steps: Stay Informed:?The future of the CTA remains uncertain. We are closely monitoring the legal developments and will keep you informed of any significant changes. If you have any questions regarding the CTA or require assistance with preparing the required forms once the injunction is lifted or if the law is ultimately modified, please do not hesitate to contact us. We can discuss your specific situation and provide information on our fees for these services. For the most up-to-date information?on the status of the CTA, please visit the FinCEN website at:?https://fincen.gov/boi Consult with Us:?If you have any questions regarding the CTA or require assistance with preparing the required forms once the injunction is lifted, please do not hesitate to contact our office. We can discuss your specific situation and provide information on our fees for these services. We will continue to monitor the situation closely and provide further updates as they become available.

If you or your organization or client are responsible for submitting BOI to FinCen and somehow missed the latest news - here it is https://www.fincen.gov/boi Bottom line: stay on reporting is in effect and reporting for the moment is voluntary - but, stay tuned...this is an evolving matter as the courts work through the appeals. n light of a recent federal court order,?reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

https://www.fincen.gov/boi ?? Important Update on Corporate Transparency Act (CTA) Reporting Requirements A recent federal court order has temporarily suspended the requirement for reporting companies to file beneficial ownership information with FinCEN under the Corporate Transparency Act (CTA). During this time, companies may voluntarily submit reports without facing penalties for non-compliance. This suspension arises from a preliminary injunction issued on December 3, 2024, in Texas Top Cop Shop, Inc. v. Garland. While this is one of several legal challenges to the CTA, other courts have upheld its constitutionality. The Department of Justice has filed an appeal and sought to stay the injunction. On December 23, 2024, the Fifth Circuit Court of Appeals granted a temporary stay of the injunction. However, a different panel of the same court vacated the stay on December 26, 2024, reinstating the injunction. As of now, CTA reporting requirements are unenforceable until further notice. Stay tuned for further updates on this evolving legal situation. ?? #Compliance #CorporateTransparencyAct #FinCEN

At present (December 16, 2024), compliance with the Corporate Transparency Act is?not?required. Compliance, in the form of filing beneficial owner reports, may be done on a voluntary basis. ? This change is a result of a recent US federal district court decision which issued a nationwide injunction on CTA compliance. This court case is not directly related to the?separate court decision issued last March, which suspended BOI filings for certain US companies. ? FinCEN has issued the statement below on their?website (an excerpt only, the full statement may be found on the FinCEN website, or on my webpage, both linked below): "In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN?and are not subject to liability?if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports." https://www.fincen.gov/boi

Update on FinCEN BOI requirement: Idaho Secretary of State Phil McGrane Dear Idaho Business Owner, We are writing again with another significant development regarding the new federal reporting requirements. On December 23rd, the Fifth Circuit Court of Appeals reinstated the reporting requirements by lifting the order halting the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) requirement to collect Beneficial Ownership Information (BOI). However, on December 26th, the same court reversed this decision, effectively pausing the requirement again. While we appreciate the courts' recognition that a pause is needed, this back-and-forth has created confusion and frustration, both for our office and for business owners like you. We recognize how difficult it is to navigate these changing requirements. As of now, businesses are not required to report BOI information. However, we urge you to stay informed as legal proceedings may continue to affect the implementation of these requirements. For any questions or concerns, we encourage you to contact FinCEN directly at: Website: https://fincen.gov/boi Email: [email protected] Phone number: 1-800-767-2825 Idaho Secretary of State Phil McGrane shares your frustration. "Just in the past week, our office has heard from hundreds of frustrated business owners. This has been a headache for small business owners to navigate. I'm grateful the courts recognized that the best course of action is to pause the reporting while the long-term legal questions are resolved." Our office remains committed to advocating for Idaho's small business community. We are working with the Idaho Attorney General, Senator Jim Risch, and Representative Russ Fulcher to pursue long-term solutions that make sense for Idaho businesses. We will provide updates as new information becomes available. Thank you for your patience as this situation evolves. Sincerely, Idaho Secretary of State's Office Unsubscribe image.png

ALERT:?On December 26, 2024, a mere three days after the U.S. Court of Appeals for the Fifth Circuit lifted an injunction staying enforcement of FinCEN’s beneficial ownership information reporting requirement, the same court has now reversed itself, reinstating the injunction and giving businesses an indefinite reprieve from the filing requirement. In effect, In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. Read more about what happened here: https://lnkd.in/guPPmr7q Reported by?Bert Rasmussen #LegalNews #FinCEN #BOI #ScaliRasmussen