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.
Dissolved Businesses STILL have to comply with the CTA
Any business that has not been formally, irrevocably and permanently dissolved as of January 1, 2024 may still have to file a Beneficial Ownership Information Report (BOIR) unless it is...
YOUR BUSINESS MAY NOT BE DISSOLVED despite what you think
I just had a client tell me she has only one LLC, when in fact she has four. Her explanation was that she “shut them down” years ago. Unfortunately, she...
FinCEN releases guidance on Beneficial Owners of Homeowner Associations
If a Homeowner’s Association (HOA) does not meet the definition of a tax-exempt entity under the CTA (exempt from taxation pursuant to a provision of 501(c) of the Internal Revenue...
Civil fines for FinCEN violations increased
CIVIL fines for violating the CTA were increased from $500/day to $591/day (per the Federal Civil Penalties Adjustment Act of 1994). They will continue to increase annually to account for...
The Corporate Transparency Act reporting platform goes live
As of yesterday, you can file your Beneficial Ownership Information Report (BOIR) on the FinCEN platform. All BOIRs must be filed electronically at https://www.fincen.gov/boi. If you are filing the BOIR...