Amid the ongoing legal battle over the Corporate Transparency Act (the CTA), updates continue to roll in. On December 5, the U.S. government filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit (the Fifth Circuit) from the decision of the U.S. District Court for the Eastern District of Texas
Upset in the 11th Hour: Corporate Transparency Act Halted, for Now
The Law
The Corporate Transparency Act (the CTA), a law enacted by Congress requiring certain business entities to disclose beneficial ownership information (a BOI Report) to FinCEN, went into effect on January 1, 2024, and obligates reporting companies formed before January 1, 2024, to file BOI Reports on or before January 1, 2025.
The Challenge
FinCEN Engages in Outreach as CTA Deadline Looms
By January 1, 2025, millions of existing businesses must have filed certain information with the Financial Crimes Enforcement Network (FinCEN) to remain in compliance with the Corporate Transparency Act (CTA). As this deadline approaches, concern is growing among lawmakers. During a House Financial Services Committee hearing, committee members highlighted that many businesses have “no idea”