Related News & Posts

Cameo Joseph-McCollum and Costa Pleicones Named 2025 Compleat Lawyer Award Recipients by the University of South Carolina

April 11, 2025

Haynsworth Sinkler Boyd, P.A. is pleased to announce that two of its attorneys, Cameo Joseph-McCollum and Costa Pleicones, have been named recipients of the 2025 Compleat Lawyer Awards.

Beyond the Game: NIL Opportunities and Legal Insights for Student-Athletes and Businesses

March 31, 2025

With March Madness in full swing, the spotlight isn’t only on thrilling buzzer-beaters or underdog victories; it’s also on the continued evolution of Name, Image and Likeness (NIL) rights. Since the NCAA's landmark policy shift in 2021, student-athletes can now profit from their personal brands. This is exciting. However, these new opportunities come with the need for smart strategy, compliance and legal insight.

New Deadlines for FINCEN Compliance Issued

February 21, 2025

Update as of 3/3/25: On February 27, 2025, FinCEN announced it will not impose penalties on companies that do not submit their beneficial ownership information reports by the March 21 deadline. The agency plans to issue an interim final rule to establish new reporting deadlines no later than March 21 and intends to revise the Beneficial Ownership Information Reporting Rule this year. On March 2, 2025, the Treasury Department clarified that no penalties will be imposed on U.S. citizens or domestic companies, even after the upcoming rule changes. Instead, it will propose new rulemaking to narrow the scope of the requirement to only foreign reporting companies. Additional information can be found on FinCEN’s website at https://www.fincen.gov/. We are closely monitoring developments and legislation and will continue to provide updates on this blog as soon as they are available.

The Corporate Transparency Act (CTA) introduced substantial new reporting obligations for a wide array of corporate entities. Generally, any domestic entity formed by filing documents with a secretary of state or similar office – such as corporations, limited liability companies, limited partnerships, and limited liability partnerships – is considered a reporting company subject to these requirements. The CTA also applies to foreign entities registered to conduct business through similar filings.

Will Johnson, Frank Davis Named 2025 Best Lawyers® ‘Lawyer of the Year’ for Economic Development Law for Columbia, Greenville

February 20, 2025

The 2025 edition of Best Lawyers® has named two Haynsworth Sinkler Boyd P.A. shareholders “Lawyer of the Year” for Economic Development Law in their respective regions.

Haynsworth Sinkler Boyd Welcomes Shareholder William Gibbs to Greenville, Counsel Lauren Offord to Raleigh

February 07, 2025

Continuing the firm’s approach to client-centered strategic growth, Haynsworth Sinkler Boyd P.A. welcomes two new attorneys. Corporate and transactional lawyer William F. Gibbs joins as a shareholder in Greenville, South Carolina, while commercial real estate attorney Lauren E. Offord will serve as special counsel in Raleigh, North Carolina.

Haynsworth Sinkler Boyd Elects New Shareholders

December 30, 2024

Haynsworth Sinkler Boyd, P.A. is pleased to announce that Tyler K. Gilliam and Jonathan D. Klett have been elected as Shareholders in the firm, effective January 1, 2025.

Navigating FinCEN Compliance: Quickly Approaching Deadlines for Businesses formed before 2024

November 20, 2024

Important Update:
3/03/2025: On February 27, 2025, FinCEN announced it will not impose penalties on companies that do not submit their beneficial ownership information reports by the March 21 deadline. The agency plans to issue an interim final rule to establish new reporting deadlines no later than March 21 and intends to revise the Beneficial Ownership Information Reporting Rule this year. On March 2, 2025, the Treasury Department clarified that no penalties will be imposed on U.S. citizens or domestic companies, even after the upcoming rule changes. Instead, it will propose new rulemaking to narrow the scope of the requirement to only foreign reporting companies. Additional information can be found on FinCEN’s website at https://www.fincen.gov/. We are closely monitoring developments and legislation and will continue to provide updates on this blog as soon as they are available.

2/20/2025: The injunctions on the Corporate Transparency Act detailed below have all been lifted. As of February 20, 2025, the deadline for most companies to file their BOI Report is March 21, 2025. All companies formed on or prior to February 20, 2025, must file their initial BOI Report, and update any previously filed reports if necessary, by March 21, 2025. All companies formed after February 20, 2025, have 30 calendar days to file their initial BOI Report. Note, if a reporting company’s principal place of business is located in an area designated by both FEMA and the IRS as qualifying an individual for public assistance and filing relief as a result of a hurricane or other natural disaster, the reporting company may have a further extension to file its BOI Report. Additional information can be found on FinCEN’s website.

1/27/2025: On January 23, 2025, the U.S. Supreme Court granted the government's motion to stay a nationwide injunction issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. McHenry (formerly Texas Top Cop Shop, Inc. v. Garland). However, a separate nationwide order in Smith v. U.S. Department of the Treasury from another federal judge in Texas remains in effect. As a result, reporting companies are not currently required to file beneficial ownership information with FinCEN, despite the Supreme Court's decision. They may, however, choose to voluntarily submit these reports.

12/27/24: On December 26, 2024, the United States Court of Appeals for the Fifth Circuit vacated its own stay of the nationwide injunction. Thus, Reporting Companies are not obligated to comply with the Corporate Transparency Act at this time. We will continue to provide updates on this issue.

12/26/24: On December 23, 2024, the United States Court of Appeals for the Fifth Circuit lifted the nationwide injunction prohibiting the enforcement of the CTA. Thus, Reporting Companies are once again obligated to comply with the Act. Fortunately, however, FinCEN extended the January 1, 2025 deadline for reporting companies to January 13, 2025.

12/3/24: A nationwide preliminary injunction has been issued prohibiting the enforcement of the CTA and the required reporting filed thereunder. This means companies are not currently required to comply with the January 1, 2025 reporting deadline. However, an appeal has been filed by the Department of Justice so the injunction could be lifted or amended at any time. Therefore, we recommend continuing to gather the information needed to complete the report as if the January 1, 2025 deadline were still in effect. It is optional whether you want to go ahead and voluntarily file the BIO report or wait for further court action.

A variety of businesses, such as LLCs, LLPs, partnerships, and corporations, formed before January 1, 2024, have until January 1, 2025, to file their initial report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).