Corporate Transparency Act

Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information under the Corporate Transparency Act while the order is in place. However, reporting companies may continue to voluntarily submit beneficial ownership information reports and should monitor the status of the court order going forward. More information is available on FinCEN’s website at https://www.fincen.gov/boi. If you have any questions, please email us at CTA@gentrylocke.com.

Dear Gentry Locke Clients: This letter is to notify you of a significant change in federal law that will impact nearly everyone operating a business through a legal entity such as a corporation, limited liability company, limited partnership or other similar entity. The Corporate Transparency Act (the “CTA”) became effective on January 1, 2024, and all required companies should be prepared to comply with the new reporting requirements. The CTA requires specific private companies that meet the CTA criteria of a “reporting company” (“Reporting Company”) to file informational reports with the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) […]