Chris Holman welcomes back Amanda J. Dernovshek, Shareholder, Foster Swift Collins & Smith PC, Lansing, MI with 6 offices across the state.

Watch Amanda and Chris discuss discuss the latest Corporate Transparency Act updates, court rulings & compliance tips! #CTA #FinCEN in the YouTube video shared below:

There were several things Chris 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

» Visit MBN website: www.michiganbusinessnetwork.com/
» Subscribe to MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN
» Like MBN: www.facebook.com/mibiznetwork
» Follow MBN: twitter.com/MIBizNetwork/
» MBN Instagram: www.instagram.com/mibiznetwork/

###