Related News & Posts
The Corporate Transparency Act – New Federal Requirements Effective January 1, 2024
January 03, 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.
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.
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.
Who is required to file a report?
Beginning January 1, 2024, the Corporate Transparency Act (CTA) imposes significant new reporting requirements on a broad range of corporate entities. With certain exceptions, any domestic entity created by the filing of a document with a secretary of state or any similar office (which would generally include corporations, limited liability companies, limited partnerships, and limited liability partnerships) is a reporting company subject to the reporting requirements. Most “small” entities will be reporting companies. The CTA also applies to foreign entities registered to do business by the filing of a document with a secretary of state or any similar office.
Haynsworth Sinkler Boyd Recognized as a 2023 “Best Law Firm” by U.S. News – Best Lawyers®
November 03, 2022
Haynsworth Sinkler Boyd has been named a top-tier firm by U.S. News – Best Lawyers® in its 2023 “Best Law Firms” rankings for the 13th consecutive year.Haynsworth Sinkler Boyd Recognized as a 2022 “Best Law Firm” by U.S. News – Best Lawyers®
November 04, 2021
Haynsworth Sinkler Boyd has been named a top-tier firm by U.S. News – Best Lawyers® in its 2022 “Best Law Firms” rankings for the 12th consecutive year.Haynsworth Sinkler Boyd’s Sterling Moose Selected for Leadership Charleston’s Class of 2022
August 30, 2021
Haynsworth Sinkler Boyd is pleased to announce that Sterling Moose has been selected to participate in the Charleston Metro Chamber of Commerce Leadership Charleston Class of 2022.Haynsworth Sinkler Boyd’s Philip Land Receives Master of Laws in Taxation
October 15, 2020
Haynsworth Sinkler Boyd is pleased to announce that Philip Land, an attorney in the Greenville office, has graduated from Georgetown University Law Center with a Master of Laws in Taxation (Executive LL.M.).Haynsworth Sinkler Boyd Attorneys Present on LLCs
September 23, 2020
Haynsworth Sinkler Boyd’s Scott Barnes, Suzi Clawson and Mac McQuillin recently presented at the South Carolina Bar Association’s virtual CLE on South Carolina Limited Liabililty Corporations.Property Tax Relief Available for Those Who Missed the January 31st Filing Deadline
September 01, 2020
The sale of real property and certain other transactions in South Carolina subjects the real property to a reassessment for ad valorem property tax purposes (an “assessable transfer”). This reassessment of real property can create a significant increase in the value of the property for ad valorem property tax purposes if the property had been held by the seller for a long period of time at a much lower value.
77 Haynsworth Sinkler Boyd Attorneys Recognized by Best Lawyers
August 20, 2020
Haynsworth Sinkler Boyd is proud to announce that Best Lawyers®, a legal peer-review guide, has selected 77 attorneys for inclusion in The 2021 Best Lawyers in America©, including eight attorneys as “Lawyer of the Year” and seven attorneys as “Ones to Watch.”
PPP Flexibility Act Signed Into Law
June 05, 2020
On Wednesday evening, the U.S. Senate passed the Paycheck Protection Program Flexibility Act (the “Act”), which amends the CARES Act to provide businesses with greater flexibility in the use of PPP funds. President Trump signed the bill into law today, June 5. Below is a summary of the key changes.Senate Passes Paycheck Protection Program and Health Care Enhancement Act to Add $310 Billion to Paycheck Protection Program
April 22, 2020
The United States Senate passed a bill on Tuesday, April 21, to increase the $349 billion cap under the Paycheck Protection Program (PPP). The “Paycheck Protection Program and Health Care Enhancement Act” would add another $310 billion in funding to the PPP, increasing the total amount to $659 billion.