News

On Monday, March 2^nd, the Treasury Department announced it would no longer enforce any penalties or fines associated with beneficial ownership reporting under the Corporate Transparency Act (“CTA”). The Treasury Department will be issuing further rules which will narrow the CTA reporting requirements to foreign reporting companies only, removing any requirements for domestic companies altogether.

On Thursday, January 23rd, the U.S. Supreme Court issued a stay of the nationwide injunction banning enforcement of the BOI filing requirements in the case Texas Top Cop Shop, Inc. v. Garland. Many reports jumped to the conclusion that....

Friday, Eldredge & Clark LLP has elected five attorneys as new partners effective January 1, 2025. The attorneys represent a diverse range of practice areas; four are based in the firm’s Little Rock office, and one in the Rogers office.

The Paperwork Burden Reduction Act, which became law on December 23, 2024 and is effective for 2024 coverage reporting, establishes an alternative method for satisfying the requirement to furnish the Form 1095-C to employees and covered individuals by providing that employers will be treated as furnishing the written statements if

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the “CTA”). The Corporate Transparency Act went into effect January 1, 2024, and requires all reporting companies to file information about the beneficial owners of the company the with Financial Crimes Enforcement Network (“FinCEN”).

The penalties for failing to comply with CTA beneficial ownership reporting can be significant. The law provides that any person that willfully fails to comply or willfully provides false information may be subject to civil penalties of up to $500 per day and criminal penalties of up to $10,000 and two years in prison.