Corporate Transparency Act Blocked Nationwide
Most business owners have probably seen reminders to file their Beneficial Ownership Reports by January 1, 2024 to avoid potential large fines. These filings were a requirement of the Corporate Transparency Act, which was blocked nationwide by a District Court for the Eastern District of Texas on December 3, 2024.
At this time, it is not clear whether the Justice Department will appeal the ruling and, if so, how likely it would be to prevail. It is also not immediately clear whether the deadlines would be pushed back if the block is lifted. However, for the time being, businesses are not obligated to complete the Beneficial Ownership Report filings.
You can read more about the Corporate Transparency Act and Beneficial Ownership Information filings in an earlier post.
Ready to get started? Let’s talk today.