On March 1, 2024, a lower Alabama federal court held that the Corporate Transparency Act, which requires certain businesses to file a BOI Report with FinCEN that includes information about their beneficial owners, is unconstitutional. Importantly, this ruling DOES NOT affect the legal obligation of entities formed in California, Nevada, or Delaware (among other states)…

UPDATED 3/04/2024

On March 1, 2024, a lower Alabama federal court held that the Corporate Transparency Act, which requires certain businesses to file a BOI Report with FinCEN that includes information about their beneficial owners, is unconstitutional. Importantly, this ruling DOES NOT affect the legal obligation of entities formed in California, Nevada, or Delaware (among other states) to file their BOI Report within the timeframes specified in the chart below at this time.  We are monitoring the development of this and similar court actions across the nation and will continue to provide information about them to those who have indicated a desire to receive this information from us.

ORIGINAL NOTICE 2/20/2024

The Corporate Transparency Act (“CTA”), a new federal filing requirement for many business entities, became effective on January 1, 2024.  The CTA was enacted as part of the Anti-Money Laundering Act of 2020 to provide Federal and State enforcement agencies with more comprehensive information about small and shell companies to help control money laundering and terrorist financing activities.  The database of information provided by the CTA Reports will not be available to the general public but will be accessible by Federal and most states’ criminal and financial law enforcement agencies.Continue Reading Important Notice Regarding the Corporate Transparency Act Filing Requirements (Update 3/1/2024)