FinCEN Eliminates BOI Reporting Obligations for Domestic Companies
Frank P. Portera • March 25, 2025
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued its interim final rule stating that those entities previously classified as "domestic reporting companies" are now exempt from all BOI reporting requirements. On the other hand, all foreign entities registered to do business in the USA must file their own initial BOI reports within 30 days of the initial final rule's publication, if they have not done so already.
More News & Resources
Lavelle Law News and Events
Before you print a single petition or launch a campaign website, the first and most important question is this: Am I eligible to run for this office? In Illinois, failing to meet the basic eligibility requirements can disqualify a candidate before the race even begins. Understand the rules upfront.
This Lavelle Law Breakfast Briefs seminar highlighted actionable insights to protect and position your business for success, including: business entity selection; capital structure; key contract terms; and shareholder and operating agreements.
As a result of our efforts, the court reduced our client’s child support arrearage by half because of the mother’s intentional and prolonged refusal to provide her share of transportation costs. The court also ordered the mother to pay a substantial portion of the father’s attorney’s fees.
Anyone going through a divorce in Illinois is required to complete a financial affidavit as part of the legal process. Each spouse completes their own financial affidavit, utilizing all financial records and information available to them. Follow this step-by-step guide to streamline the process and avoid costly errors.
Write-in candidates are a unique feature of Illinois elections. They allow qualified individuals to run for office without appearing on the printed ballot. While this option provides flexibility, it comes with strict procedural requirements under the Illinois Election Code.
On March 13, 2026, the Federal Trade Commission sent warning letters to 97 dealerships nationwide concerning their advertising practices. This article addresses the practical implications of the FTC’s stance on dealer advertising and what dealers need to know to remain in compliance.
The Internal Revenue Service recently announced a new, streamlined way for taxpayers to extend the period of time for the IRS and the IRS Independent Office of Appeals to review a taxpayer’s response to a disallowance of an Employee Retention Credit (“ERC”) claim to avoid refund litigation.
Kerry Lavelle explains how business owners can access tax-deferred money, highlighting two selective strategies for key employees or management: Deferred Compensation Plans and Cash Balance Plans. Both allow business owners and key team members to earn money while deferring taxes.
Losing a job or experiencing a change in employment status can be stressful, particularly when it impacts health insurance coverage. The Consolidated Omnibus Budget Reconciliation Act (“COBRA”) provides a critical safety net by allowing employees and their families to continue employer-sponsored health coverage.
In a contentious probate matter involving a disputed deed to residential property, our client, the administrator of the estate, seeks to recover assets after the deed was recorded by the decedent’s neighbor.
