Articles Tagged with FinCEN

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What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act-300x300Illinois business owners have been closely following developments under the Corporate Transparency Act (“CTA”), particularly given the uncertainty created by conflicting court decisions and shifting enforcement positions. A recent federal appellate ruling provides important legal clarity, although practical compliance obligations for Illinois entities remain limited for now.

Federal Appellate Court Upholds the CTA

On December 16, 2025, the United States Court of Appeals for the Eleventh Circuit issued a unanimous decision in National Small Business United v. U.S. Department of the Treasury, holding that the CTA is constitutional. This ruling overturned a March 2024 federal district court decision that had invalidated the statute.

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Fen Cen Announcement

URGENT NEWS…..What Small Business Owners Need to Know

Small business owners have been scrambling to comply with the Corporate Transparency Act (CTA), a new federal law requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). However, recent developments have provided temporary relief.

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Reporting under the CTA is on again!

The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues.

On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate Transparency Act (CTA). This decision in the case of Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, was influenced by the Supreme Court’s earlier ruling to stay a similar injunction in the Garland vs. Texas Top Cop Shop, Inc. case.

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BOI Reporting

The landscape on the requirements for reporting under the Corporate Transparency Act has changed again.

The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for now. That’s despite the U.S. Supreme Court’s stay of a nationwide preliminary injunction that suspended enforcement of the act and its implementing regulations.

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Corporate Transparency Act Updates

WHO’S ON FIRST?

ANOTHER UPDATE ON THE CORPORATE TRANSPARENCY ACT

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