Originally uploaded March 14, re-edited March 20th.
Chris Holman welcomes back Amanda J. Dernovshek, Shareholder, Foster Swift Collins & Smith PC, Lansing, MI with 6 offices across the state. 

There were several things Chris Holman wanted to find out from Amanda in this conversation:
What is the latest update regarding the Corporate Transparency Act?

Smith case in Texas – Nationwide ban stayed on February 18
FinCEN Notice on February 19 instituting a March 21, 2025 deadline to comply.
 i.      Notably, FinCEN said it would use the 30 day period to assess its options for further modification of the deadlines and will “prioritize reporting of those entities that pose the most significant national security risks”
US Department of Treasury issued a statement March 2, 2025
i.      No penalties or fines will be issued for noncompliance
ii.      Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
Simultaneously, there are several cases percolating through the court system.
i.      A Michigan court just found that the CTA  is unconstitutional based on fourth amendment grounds
ii.      Top Shop case in Fifth Circuit will have oral arguments next month

What do all the changes mean?

How can we remain up to date on the changes?

FinCEN BOI website - https://www.fincen.gov/boi

Foster Swift CTA Page - https://www.fosterswift.com/f-corporate-transparency-act.html

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Michigan Business Beat | Amanda J. Dernovshek, Foster Swift, Corporate Transparency Act Update

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