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. We understand that running a business can be overwhelming so we will provide timely insights on business law matters and practical advice for business owners. Stay tuned for updates on the law, news you can use, and actionable advice from an experienced business law attorney.
The CTA remains law, but its enforcement is suspended. The ruling has been appealed.
The December 3, 2024 ruling by a Texas District Court did NOT declare the CTA unconstitutional and the CTA has not been struck down as has been reported by many...
Texas District Court temporarily SUSPENDS deadlines for BOIR filings nationwide
On December 3, 2024, the enforcement of the Corporate Transparency Act (CTA) was temporarily suspended. The CTA still remains law, but it will not be enforced until further order of...
Only 100,000 of the estimated 1.4 million Arizona businesses required to report to FinCEN have filed their BOIRs
The Arizona Corporation Commission stated that only 100,000 of the 1.4 million Arizona businesses required to report to FinCEN to comply with the CTA have filed their BOIRs. I think...
Beware – Third-Party Filing companies may not ask all the right questions
I know of no third-party reporting company that is making a distinction between businesses formed in community and non-community property states. Failure to report a spouse as beneficial owner may...
Spouses in community property states may need to be disclosed as Beneficial Owners on BOIRs
If you live in a community property state and you have actual 25% ownership of a company, your spouse is a beneficial owner as well and needs to be disclosed...
EIN/TIN not required to file a BOIR
FinCEN no longer requires businesses that do not have an EIN to obtain one solely for the purposes of filing a Beneficial Ownership Information Report (BOIR). Businesses that do not...
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...