In the latest twist in the ongoing Corporate Transparency Act (“CTA”) and beneficial ownership information (“BOI”) reporting requirements saga, news[1] came from Washington on March 21, 2025, that the Financial Crimes Enforcement Network (“FinCEN”) issued the previously promised interim final rule (“IFR”). The IFR removed the prior March 21, 2025, deadline for all reporting companies, and imposed a new deadline of April 25, 2025, only for foreign reporting companies. See 31 C.F.R. § 1010.380.[2]
Revised Reporting Deadline for Foreign ... Continue Reading
Heidi J. Sorvino, Chair of White and Williams' Financial Restructuring and Bankruptcy Practice and Managing Partner of the New York Office, and Associates, Andrew E. Arthur and Michael Ingrassia, recently co-authored “The $7.5 Million Subchapter V Debt Limit Should be Reinstated," published by the American Bankruptcy Institute Journal. The article detailed a few reasons why restructuring professionals have urged Congress to reinstate the elevated debt limit and the benefits that could stem from this increase.
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Stay tuned – another shoe is likely to drop from Washington D.C. on the CTA (“Corporate Transparency Act”) in the next three weeks. As we previously reported on February 18, 2025, the U.S. District Court for the Eastern District of Texas stayed its injunction on the CTA’s beneficial ownership information (“BOI”) reporting requirements. The Financial Crimes Enforcement Network (“FinCEN”) responded by posting an alert on its official government website[1] extending the deadline to submit BOI reports to March 21, 2025, for most reporting companies. However, on ... Continue Reading