Corporate Transparency Act

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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

By UPCOUNTRY LAW Staff / March 22, 2025

FinCEN officially decided that the Corporate Transparency Act will no longer apply to entities created in the United States. FinCEN is currently issuing an interim final rule, and has announced and officially published on its website, that all entities created in the United States — including those previously known as “domestic reporting companies” — and…

CORPORATE TRANSPARENCY ACT BACK IN EFFECT AS OF FEBRUARY 18, 2025

By UPCOUNTRY LAW Staff / February 24, 2025

What’s happening now with the Corporate Transparency Act (CTA)? As of February 18, 2025 Beneficial Owner Information Reports are once again mandatory and a new deadline has been given of March 21, 2025, for most non-exempt Reporting Companies to file their Beneficial Owner Information Reports with FinCEN, in order to avoid potential civil and criminal penalties…

Corporate Transparency Act: Beneficial Owner Information Reports now voluntary due to ongoing litigation

By UPCOUNTRY LAW Staff / January 22, 2025

As of December 26, 2024, Reporting Companies are no longer required to file a beneficial ownership information report (BOIR) with the Financial Crimes Enforcement Network (FinCEN), and no Reporting Company will be subject to any civil or criminal liability for not filing a BOIR, as long as the order remains in effect. FinCEN is still…

Corporate Transparency Act: Enjoined and Stayed

By UPCOUNTRY LAW Staff / December 10, 2024

What happened to the Corporate Transparency Act (CTA)? On December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., a recent decision by the United States District Court EASTERN DISTRICT OF TEXAS SHERMAN DIVISION, granted a nationwide preliminary injunction, which has blocked the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s…