FinCEN will not impose fines or penalties related to the deadlines for reporting beneficial ownership information.

Treasury

FinCEN (Financial Crimes Enforcement Network) has decided not to impose fines or penalties for not filing or updating beneficial ownership information (BOI) reports. BOI is the previously set requirements for Beneficial Ownership Information Report (BOIR) is a federal requirement introduced under the Corporate Transparency Act (CTA) that mandates businesses to share ownership information. FinCEN stated…

Court suspends Beneficial Ownership Information Reporting

Treasury

Nationwide injunction halts BOI reporting for now. A federal district court ruled Tuesday that the Corporate Transparency Act (CTA) is likely unconstitutional, issuing a nationwide injunction to block enforcement of the CTA and its beneficial ownership information (BOI) reporting requirements. The injunction, issued in Texas Top Cop Shop, Inc. v. Garland (E.D. Texas, Dec. 3,…

FinCEN (US Treasury Financial Crimes Enforcement Network) began accepting beneficial ownership information reports on January 1, 2024.

Treasury

FinCEN (US Treasury Financial Crimes Enforcement Network) began accepting beneficial ownership information reports on January 1, 2024. The Corporate Transparency Act, enacted in 2021, requires companies meeting the report creations to report information about individuals in control or ownership of the business. Existing companies created or registered in the US before January 1, 2024, must…

SBA and Treasury Announced PPP Re-Opening

PPP Loan, SBA, Treasury

U.S. Department of the Treasury announced in today’s press release reopening the Paycheck Protection Program (PPP) for new and certain existing PPP borrowers. As stated in the press release published on January 8, 2020, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw…

Eligible Paycheck Protection Program expenses now deductible

IRS, SBA, Tax, Treasury

The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…