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Articles by Jason Covert
Treasury Department Indefinitely Suspends Enforcement Of CTA Against US Citizens And Domestic Reporting Companies
On March 2, 2025, the U.S. Department of Treasury announced that fines or penalties under the Corporate Transparency Act (CTA) will not be enforced against U.S. citizens or domestic reporting companies or their beneficial owners under the existing reporting deadlines and/or after forthcoming rule changes take effect at a later date. The current position of this administration is that the CTA will never be enforced against U.S. reporting companies or their beneficial owners.
FinCEN Announces No Fines, Penalties, Or Other Enforcement Actions With CTA Deadlines
On Feb. 27, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. FinCEN intends to issue an interim final rule no later than March 21 that extends the BOI reporting deadlines.
Treasury Department Indefinitely Suspends Enforcement of CTA Against US Citizens and Domestic Reporting Companies
On March 2, 2025, the U.S. Department of Treasury announced that fines or penalties under the Corporate Transparency Act (CTA) will not be enforced against U.S. citizens or domestic reporting companies or their beneficial owners under the existing reporting deadlines and/or after forthcoming rule changes take effect at a later date. The current position of this administration is that the CTA will never be enforced against U.S. reporting companies or their beneficial owners.
FinCEN Announces No Fines, Penalties, or Other Enforcement Actions With CTA Deadlines
On Feb. 27, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. FinCEN intends to issue an interim final rule no later than March 21 that extends the BOI reporting deadlines.
UPDATE: Corporate Transparency Act (CTA) Is In Effect AGAIN
On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government's motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) the court previously issued in the case of Smith, et al. v. U.S. Department of the Treasury, et al., (Case No. 6:24-cv-00336). As a result, the CTA is in effect again. Given the issuance of the stay, the Financial Crimes Enforcement Network (FinCEN) has issued a notice – available here.
UPDATE: Corporate Transparency Act (CTA) Is in Effect AGAIN
On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) the court previously issued in the case of Smith, et al. v. U.S. Department of the Treasury, et al., (Case No. 6:24-cv-00336). As a result, the CTA is in effect again. Given the issuance of the stay, the Financial Crimes Enforcement Network (FinCEN) has issued a notice – available here.
Six Questions For Assessing Potential Implications Of Tariffs On Businesses
In today's interconnected global economy, businesses face the challenge of navigating complex tariff regulations that can significantly impact their operations and overall profitability. This challenge is likely to increase in the current political climate, where the Trump administration has indicated it intends to wield tariffs more frequently as a tool of foreign policy.
Six Questions for Assessing Potential Implications of Tariffs on Businesses
In today’s interconnected global economy, businesses face the challenge of navigating complex tariff regulations that can significantly impact their operations and overall profitability. This challenge is likely to increase in the current political climate, where the Trump administration has indicated it intends to wield tariffs more frequently as a tool of foreign policy.
CTA Remains Blocked Despite Supreme Court Decision
On Jan. 23, 2025, the Supreme Court granted the government's motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) issued by a federal judge in the case of Texas Top Cop Shop, Inc. v. McHenry — formerly, Texas Top Cop Shop v. Garland. However, a separate nationwide injunction issued on Jan. 7, 2025, by a different federal judge in Texas in the case of Smith v. U.S. Department of the Treasury remains in place despite the Supreme Court ruling in Top Cop Shop.
U.S. Sentencing Commission Proposes Amendments To Federal Sentencing Guidelines
While only advisory, the U.S. Sentencing Guidelines nonetheless are a significant driver of risk and exposure for clients facing federal criminal charges. Therefore, defense counsel must be adept at navigating the Sentencing Guidelines' impact on their clients throughout the pendency of a criminal investigation and trial. It is likewise crucial that counsel be aware when there are proposed changes, so they are able to evaluate the effect the changes may have for a client's criminal exposure.
The Audubon Mural Project
The Audubon Mural Project is a collaboration between the National Audubon Society and the Gitler &_____ Gallery to create murals of climate-threatened birds throughout John James Audubon's old Manhattan neighborhood. If you’re an artist or an upper-Manhattan landlord or business owner who would like to participate in this project, please contact Avi Gitler.
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