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Corporate Transparency Act Updates, Webinar & Powerpoint Presentation

***Update: Dec. 26, 2024***: The full Fifth Circuit Court of Appeals reversed the prior decision (see below) of a three-judge panel of the Fifth Circuit and again halted the enforcement of the CTA nationwide, pending an expedited appellate review of the merits of the case. As a result, reporting companies are excused from filing Beneficial Ownership Information reports and FinCEN’s new January 13, 2025 filing deadline is not enforceable for the moment.

***Update: Dec. 24, 2024***:  The Fifth Circuit Court of Appeals has temporarily lifted the preliminary injunction (noted below) prohibiting enforcement of the Corporate Transparency Act by FinCEN that was previously issued by a Texas District Court.   As a result, FinCEN Beneficial Ownership Information reporting obligations are back in effect.  After that decision came out, FinCEN issued an alert extending the filing deadline applicable to reporting companies in existence prior to January 1, 2024 from January 1, 2025 to January 13, 2025.

***Update: Dec. 5, 2024***:  A preliminary injunction was issued by a Texas federal court blocking the Corporate Transparency Act as unconstitutional.  It will remain on-hold until a final decision is made.

The meeting, offered through the Nutmeg State Chamber Alliance (the unique partnership with the Midstate Chamber of Commerce & Hamden Regional Chamber of Commerce)  included an in-depth discussion of the Corporate Transparency Act and its implications for businesses. The Act's requirements for filing beneficial ownership information reports with the Financial Crimes Enforcement Network were explained, including exemptions, deadlines, and potential penalties for non-compliance. The conversation ended with clarifications on the filing process and a brief discussion about the potential future of the Act.

Seminar Offered on November 21, 2024:

Webinar Recording:

Download Powerpoint Presentation

Presenter: Michael J. Palmieri.     

Email: mpalmieri@uks.com     Tel: 860-548-2618