FinCEN has removed the beneficial ownership reporting requirements for all entities created in the United States.

For the time being, the Beneficial Ownership Information filing requirements are back in effect. On February 17, 2025, the U.S. District Court for the Eastern District of Texas lifted its stay of the enforcement of the Corporate Transparency Act. FinCEN has announced a new deadline of March 21, 2025 for most reporting companies.

Shafer Law Firm has previously informed our business clients of the reporting requirements of the Corporate Transparency Act.  In particular, we have attempted to notify clients of  the BOI filing due by January 1, 2025, which required the reporting of beneficial owners of “reporting companies” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN.

In 2021, Congress passed the Corporate Transparency Act, which law requires the reporting of beneficial ownership information (BOI). As of January 1, 2024, BOI reporting is required for all entity types and FinCEN has rolled out the new reporting website: https://boiefiling.fincen.gov/.

Attorney Gary Alizzeo was recently appointed to serve on the ERIEBANK Board of Advisors.  The ERIEBANK Board of Advisors is made up of local business and community leaders who provide guidance to the finanical institution as it continues to serve the local communities of northwest Pennsylvania and northeast Ohio.