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Category: Robert Smith

Corporate Transparency Act

By fridayfirmdev

On Monday, March 2nd, 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. … Continued

BOI Injunction Remains in Place

By fridayfirmdev

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….

Nationwide Injunction Temporarily Halts Compliance Requirements

By fridayfirmdev

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”).

Five Things Every Business Owner Should Know

By fridayfirmdev

The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions. As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.

Warnings on Crypto Risk Prove Timely

By fridayfirmdev

Robert T. Smith Commentary in Arkansas Business While the failure of Silicon Valley Bank of Santa Clara, California, drew the greater share of coverage as Americans watched a classic bank run in real time, the collapse of Signature Bank of New York might have a similarly long-lasting effect on regulatory enforcement given the implications to the crypto … Continued

Federal Agencies Finalize Policy Statement on CRE Loan Accommodations and Workouts

By fridayfirmdev

By: Robert SmithCommunity Bank Minute:  Federal Agencies Finalize Policy Statement on CRE Loan Accommodations and Workouts On June 29, 2023, the Federal regulatory agencies issued a joint policy statement on prudent commercial real estate loan accommodations and workouts to update an existing policy statement released in 2009.  The statement finalizes guidance proposed last year and … Continued