Lisa and the Law
Welcome to Lisa and the Law, the official blog of Thompson Law Group. Information is power and here is where you get some. Lisa shares timely insights on business law matters and practical advice for business owners. Whether you’re a business owner navigating compliance requirements or seeking clarity on legal issues and best practices, this blog will keep you informed on the latest legal developments and practical strategies to help you stay ahead. Stay tuned for updates on the law, practical insights and actionable advice from an experienced business law attorney.
The CTA Remains the Law, but Enforcement Has Changed
On March 2, 2025, the Department of Treasury issued a press release stating that it would not enforce the Corporate Transparency Act (CTA) against domestic reporting companies or U.S. Citizens...
Mandatory deadline for nonexempt foreign reporting companies to file their initial BOIRs, but there is no requirement to report their beneficial owners that are U.S. persons.
April 25, 2025 is the deadline for nonexempt foreign reporting companies created before March 26, 2025, to file their initial BOIR (Beneficial Ownership Information Report). Beneficial owners of those foreign...
FinCEN and the Dept. of Treasury intend to rely on financial institutions to collect beneficial ownership information.
According to the Federal Register published on March 26, 2025, FinCEN and the Dept. of Treasury will rely on financial institutions (banks primarily) to collect beneficial ownership information from businesses...
Changes in the enforcement of the CTA reduces the number of businesses required to file Beneficial Ownership Information Reports (BOIRs) significantly.
Initially, approximately 33 million businesses were expected to file Beneficial Ownership Information Reports (BOIRs) with FinCEN and approximately 5 million every year thereafter. Now, that FinCEN and the Dept. of...
FinCEN soliciting public comment on the new Interim Final Rule that only requires nonexempt foreign reporting companies to comply with the CTA.
Anyone wishing to comment on the FinCEN’s new Interim Final Rule (IFR) issued on March 21, 2025 has until May 27, 2025 to do so. All written comments on the...
FinCEN issues Interim Final Rule stating that there will be no CTA enforcement against domestic reporting companies and U.S. persons.
FinCEN issued an Interim Final Rule indicating that no domestic reporting company or U.S. person would be subject to the enforcement of the CTA. The CTA remains law, but FinCEN...
Another Example of Why All New Businesses Must File a BOIR – No Exceptions
All new reporting companies formed after January 1, 2024, will have to file an initial Beneficial Ownership Information Report (BOIR) within 30 CALENDAR days of their formation. No business will...
All New Businesses Must File a BOIR – No Exceptions
All new businesses that are reporting companies will have to file an initial Beneficial Ownership Information Report (BOIR) within 30 CALENDAR days of their formation. No business will meet the...
If You File Your Business’ BOIR Yourself – Don’t Get Scammed
If you are going to file your BOIR yourself, be sure you know what it should contain (especially if you are in a community property state like Arizona) so that...
Business Owners in Community Property States May Need to Include Their Spouse in the BOIR
In community property states, spouses automatically own the other spouse’s ownership interest in a company. It does not matter if both spouses are listed on the formation documents. It is...