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.
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...