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On March 2, 2025, the Treasury Department announced that it will not enforce penalties for beneficial ownership reporting under the Corporate Transparency Act.
On February 18, 2025, the U.S. District Court for the Eastern District of Texas stayed its injunction of the enforcement of the Corporate Transparency Act (CTA), mandating that businesses comply with Beneficial Ownership Information (BOI) reporting requirements. The new deadline for most companies to file initial, updated, or corrected BOI reports is now March 21, 2025.
This is an important reminder for business owners to comply with the Corporate Transparency Act (CTA) by filing their Beneficial Ownership Information Reports (BOIRs) on the Financial Crimes Enforcement Network (FinCEN) website ahead of the January 1, 2025 deadline.
With a compliance deadline of January 1, 2025, businesses need to understand and meet the requirements of the The Corporate Transparency Act (CTA).
Over the course of the past several months, the majority of CTA related news headlines have concerned legal challenges to the constitutionality of the CTA, in light of a March 1, 2024 ruling by the U.S. District Court for the Northern District of Alabama that the CTA was unconstitutional. Read the latest updates here.
Congress passed the Anti-Money Laundering Act of 2020 and the National Defense Authorization Act for Fiscal Year 2021, within which was another act: the Corporate Transparency Act (“CTA”).
This is the third and final installment of a series of articles on the Corporate Transparency Act (“CTA”), set to be effective January 1, 2024, and set to affect the majority of small businesses and LLCs throughout the United States.
This is the second installment of a series of articles on the Corporate Transparency Act (“CTA”), set to be effective January 1, 2024, and set to affect the majority of small businesses and LLCs throughout the US.
A few years back, Congress passed the Anti Money Laundering Act of 2020 and the National Defense Authorization Act for Fiscal Year 2021, within which was another act: the Corporate Transparency Act (“CTA”).
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