2/19/2025 – Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule
Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.
FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
The Connecticut Secretary of State has issued notice that, beginning January 1, 2012, all annual reports must be filed online per Public Act 11-146. Entities can no longer mail their reports unless they have received a written waiver from CT Read more...
The City of Boston has sent notification that they will no longer accept the general Commonwealth of Massachusetts business certificate "DBA" form. Boston will require use of their own Boston specific format. This puts Boston in league with many Massachusetts Read more...
As of May 21, 2012, to ensure fair and equitable treatment for all taxpayers, the Internal Revenue Service will limit Employer Identification Number (EIN) issuance to one per responsible party per day. This limitation is applicable to all requests for Read more...
Massachusetts recently passed legislation authorizing a new type of entity: the Benefit Corporation. The legislation became effective December 01, 2012. Benefit Corporations operate as For-Profit entities, with the key distinction being that officers and directors are expressly permitted to make Read more...
Effective August 1, 2012, Delaware lawmakers have approved four House bills (338, 339, 340 & 342) and one Senate bill (218). A synopsis of the code updates follows: House Bills 338,339,340 & 342 include: - All entities are now required Read more...
The following changes to California Business entity filings took effect January 1st 2013: - All formation/registration documents must include the business entity street address and mailing address. - All foreign corporation and foreign limited liability company registration documents must include Read more...
As of May 2012 the New York Department of State has released the internal organizational ID numbers that are associated with each company registered with the NY Department of State. Until this time the only way to reference a company Read more...
The New York Department of State now allows for the online filing of Biennial Statements. In an effort to improve service to the business community and create a leaner and more efficient government, the New York State Department of State Read more...