Corporate Transparency Act (CTA) Update
January 1, 2025
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit issued a decision reinstating the nationwide injunction against enforcement of reporting requirements for beneficial ownership information under the Corporate Transparency Act (CTA).
At this time, companies are not required to file beneficial ownership information (BOI) with FinCEN and are not subject to liability if they fail to do so while the order remains in force.
Reporting companies may voluntarily submit BOI reports.
Questions regarding CTA requirements should be directed to your business or organization’s legal counsel, as the CTA is a legal matter and not a tax filing matter.
