FinCEN Corporate Transparency Act filings shut down by the US District Court for the Eastern District of Texas
Under the Corporate Transparency Act (CTA), entities that were in existence before January 1, 2024 are required to file Beneficial Owner Reports (BOR) with the Financial Crimes Enforcement Network (FinCEN) before January 1, 2025. Requirements also exist that set forth the time frame for filing the report when a new entity is formed. On December 3, 2024, an injunction was issued by a federal court that applies nationwide. Under the injunction, no company may be held liable for failing to file a BOR. The federal government has appealed, and we are following all developments very closely. If you navigate to the FinCEN site, you will find the following:
BOI e-Filing Alert: Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order remains in force.
However, reporting companies may still opt to file a BOIR.
The net result is that FOR NOW, entities are not required to file BORs and will not be penalized for failing to file while the injunction is in effect. If the government is successful, new filing date requirements will be put into effect. If the district court ruling stands and survives future challenges, the CTA FinCEN filing requirements never get resurrected. Watch for future updates.
FinCEN's New Real Estate Report Requirements to Take Effect March 1, 2026
What is the FinCEN Real Estate Report? New FinCEN reporting requirements combat money laundering through real estate transfers. These requirements apply to certain residential real estate transfers. They begin on March 1, 2026. Similar to Corporate Transparency Act reporting requirements, these new FinCEN rules aim to increase transparency and combat financial crimes in real estate […]
Important Changes to New Jersey’s Controlling Interest Transfer Tax
New Jersey recently made changes to what is known as the Mansion Tax. New Jersey imposes an additional tax on the transfer of certain types of real estate when the sales price exceeds $1 million. Until recently, that tax was 1%. Under new legislation, that tax is now between 1% and 3.5%, depending on the […]
Data Confirms Relaxing Land Use Restrictions Drives Down Housing Costs
Relaxing land use restrictions benefits real estate developers, renters, and homebuyers, according to several recent studies. Although concerns exist that building more housing could do more harm than good when it comes to affordability, the data confirms that the principle of supply and demand also applies to the housing industry. Boosting supply is essential to […]
Are Big Changes Coming for Federal Hemp Regulation?
The U.S. House of Representatives and Senate Committees on Appropriations have approved FY2026 Agriculture appropriations bills (H.R. 4121 and S. 2256) that would dramatically impact dramatically impact federal hemp regulation by redefining the statutory definition of hemp. The proposed changes would effectively redefine legal hemp cannabinoid products. They would include only those that are naturally […]
New Bid Thresholds for New Jersey Public Entities Now in Effect
New bid thresholds for various New Jersey public entities took effect on July 1, 2025. Contracting Units are advised to review their procurement policies and implementing ordinances or resolutions to determine if any changes are necessary. Corporate governance principles can help public entities establish proper oversight and compliance procedures for procurement activities. Adjustments to New […]
States have a problem. As costs and expenses rise, they must find new ways to raise revenue that is politically palatable that the taxpayers can live with. What is a state like New Jersey to do when it is staring at a $1.2 billion budget deficit? It already has exceedingly high property taxes. The sales […]
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