BW INSIGHTS

FinCEN Issues Interim Final Rule Effecting Drastic Modifications to CTA

By Brennan Block | 03.24.2025

Consistent with the U.S. Department of the Treasury’s March 2, 2025 press release, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule on March 21, 2025 effecting the removal of the requirement for U.S. companies and U.S. persons to report beneficial owner information (BOI) to FinCEN under the Corporate Transparency Act... Read More

Breaking: CTA is Back Again; Deadline Extended to March 21, 2025

By Brennan R. Block & Ellen M. Hames | 02.20.2025

As of February 18, 2025, all nationwide preliminary injunctions prohibiting the U.S. government’s enforcement of the Corporate Transparency Act (CTA) have been stayed. According to a notice issued by FinCEN (available here), FinCEN is providing entities who refrained from filing a CTA-mandated beneficial ownership report an extension until March... Read More

Breaking: Nationwide Preliminary Injunction Back in Place for CTA

By Brennan R. Block & Ellen M. Hames | 01.02.2025

In a huge turn of events, on December 26, 2024, a separate panel (the “merits” panel) of the Fifth Circuit Court of Appeals issued a decision vacating the original panel (the “motions” panel) of the Fifth Circuit’s stay of the nationwide preliminary injunction halting enforcement of the Corporate Transparency Act (CTA), effectively meaning that... Read More

Breaking: Nationwide CTA Injunction Stayed; CTA Reporting Obligations Reinstated With Some Extensions

By Ellen M. Hames & Brennan R. Block | 12.26.2024

As anticipated in our previous blog, the United States Court of Appeals for the Fifth Circuit issued a decision implicating the nationwide preliminary injunction previously issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop v. Garland et al., No. 4:24-cv-478 (E.D. Tex. Dec 3, 2024) that temporarily blocked... Read More

CTA Update: 5th Circuit Poised to Issue Decision; Congress Likely to Weigh-In

By Brennan R. Block & Ellen M. Hames | 12.19.2024

As our previous blog highlighted, numerous small businesses were relieved of their quickly approaching New Years Day deadline to submit beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) when a federal district court in Texas issued a nationwide... Read More

U.S. District Court Temporarily Enjoins Enforcement of the Corporate Transparency Act (CTA)

By Brennan R. Block & Ellen M. Hames | 12.04.2024

On December 3, 2024, the U.S. District Court for the Eastern District of Texas, in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S. Attorney General), granted a nationwide preliminary injunction that temporarily enjoins or prohibits the United States federal government from enforcing the Corporate Transparency Act (the “CTA”). For... Read More

IRS Announces Guidance on Basis-Shifting Transactions by Related-Party Partnerships

By Maggie Simonson Schild & Christopher L. Nuss | 07.25.2024

On June 17, 2024, the Internal Revenue Service (IRS) and Treasury announced new guidance aiming to curtail abusive basis-shifting transactions by related-party partnerships. The Treasury and IRS plan to propose regulations targeting transactions in which partners shift basis from one asset to another, thereby increasing the second asset’s basis... Read More

Alabama Court Rules CTA Unconstitutional

By Ellen Hames | 03.05.2024

On Friday, March 1, 2024, a U.S. District Court judge in Alabama ruled the Corporate Transparency Act unconstitutional. The Corporate Transparency Act (“CTA”) is a federal law that went into effect January 1 of this year, requiring any entity that does not meet an exemption to file information on its beneficial owners with the Financial Crimes... Read More

Corporate Transparency Act Client Release

By BrownWinick | 11.28.2023

The burdensome new beneficial owner reporting requirements under The Corporate Transparency Act (the “CTA”) take effect January 1, 2024, which is rapidly approaching. BrownWinick clients involved with a business entity in any respect (whether as an owner, director, officer, manager, member, employee, or otherwise) are encouraged to reach out to... Read More

Profits Interests - Equity Compensation for Partnerships

By William Daniel | 08.23.2023

Many people are familiar with stock options and how those operate, but for those businesses organized as an LLC and taxed as a partnership, profits interests are another tool in the toolbox to recruit, retain, and motivate your employees. However, I often need to provide more explanation about profits interests and how they work than stock options... Read More