Category: Federal Law & Regulations

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Yesterday, the U. S. Treasury Department issues a press release stating that it will not enforce the BOI Reporting Requirements against U.S. citizens and domestic reporting companies. The press release states, “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Today, FinCen posted a news release that it will not issue any fines or other penalties for any entity that does not file a BOI Report until new interim rules are adopted. Before March 21, 2025, FinCen intends to issue interim rules that will extend the deadline for filing BOI Reports. In addition, FinCen intends to solicit public comment on potential revisions to existing BOI Reporting requirements. Those comments will [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. The Federal District Court lifted the injunction preventing enforcement of the CTA in the Smith v. U. S. Department of the Treasury case. The injunction was lifted by the Federal District Court in light of the U.S. Supreme Court’s ruling in the McHenry v. Texas Top Cop Shop, Inc. case. However, FinCen issued a notice that it would extend the deadline to file the BOI Reporting deadline by 30-days from [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Yesterday, the U.S. House of Representatives passed the Protect Small Business from Excessive Paperwork Act of 2025 (H.R. 736) which extends the deadline for filing a BOI Report to January 1, 2026. The bill now will be sent to the U.S. Senate for consideration. If passed by the U.S. Senate without amendment, the bill would be sent to the President for signature or veto. As noted in our recent post, the [Read More...]

Categories: Board Duties, Community Association Management, Federal Law & Regulations Tags: Beneficial Owner Information, Corporate Transparency Act, CTA

By Richard S. Ekimoto, Esq. Although the U.S. Supreme Court issued an emergency stay of the CTA injunction in the Texas Top Cop, Inc. v. McHenry case (formerly Texas Top Cop, Inc. v. Garland), FinCen is currently enjoined from enforcing the CTA because of a second injunction in the Smith v. U.S. Department of the Treasury case. FinCen has now appealed the second injunction. However, FinCen’s motion included the following: If this Court grants the [Read More...]