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.
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Play Ball with Lavelle Law on April 9! Step up to the plate and join our annual Business After Hours event, hosted in the friendly confines of our Schaumburg office. Bonus points: Feel free to rock your favorite baseball team’s gear and show off your fandom while you’re at it! Free event for SBA members!
The IRS announced its annual Dirty Dozen list of tax scams for 2026 that threaten the tax and financial information of taxpayers, businesses, and tax professionals. The Dirty Dozen is part of a broader campaign conducted by the IRS to educate taxpayers about identity theft schemes and other forms of fraud.
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Beginning 3.1.26, new federal regulations issued by FinCEN will significantly affect how certain residential real estate closings are handled. Issued under the authority of the Bank Secrecy Act, the rule requires the reporting of specified non-financed residential real estate transfers involving legal entities & trusts
Certain income taxes can be discharged in bankruptcy if they meet a four-part test, the last test being a subjective test. On January 20, 2026, Judge Bentley of the U.S. Bankruptcy Court for the SDNY issued a 46-page judgment determining that a chapter 7 debtor did not meet the fourth test.
On January 14, 2026, the U.S. Supreme Court decided that political candidates can bring lawsuits over election rules. In Bost v. Illinois State Board of Elections, the Court held that a candidate for office has the right to challenge state rules about how votes are counted.
As seen in North Shore City Lifestyle. Lavelle Law attorney, Sarah Reusché, is featured in the February 2026 issue of North Shore City Lifestyle magazine. Sarah isn't just an exceptional attorney; she's a true community advocate.
A small business owner sought to acquire the assets of a mall-based fast food franchise. The client needed experienced legal guidance to navigate a complex, multi-party transaction involving the seller, the franchisor, the mall’s leasing agency, and a lending institution providing bank financing.
The January broadcast of Elgin’s "Chamber Chat" with EAC President Carol Gieske, features Lavelle Law Shareholder Steve Migala and KCT Credit Union’s Yvonne Irving.
