Corporate Transparency Act Update: Changes on the Horizon
Good news for businesses affected by the Corporate Transparency Act: after some back-and-forth, the Fifth Circuit Court of Appeals has reinstated the ability of FinCEN to enforce the reporting requirements of the Act. This comes after a recent ruling on December 23, 2024, that temporarily halted the enforcement, only to be vacated on December 26, 2024.
This development has left many companies wondering about the deadline for filing Beneficial Ownership Information. When the preliminary injunction was lifted, FinCEN extended the deadline to January 13, 2025, giving affected companies a bit more time.
With questions arising about CTA enforcement and the filing deadline, it’s crucial for employers and companies to stay informed. Given the uncertainties surrounding the situation, it’s best to stay flexible and prepared for changes.
If you’re unsure about how to comply with the CTA, it’s a good idea to reach out to your Bowditch attorney for guidance. They can provide you with the necessary support and advice to navigate these legal requirements effectively.
