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Tag: Corporate Transparency Tax

Nationwide Injunction Temporarily Halts Compliance Requirements

By fridayfirmdev

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the “CTA”). The Corporate Transparency Act went into effect January 1, 2024, and requires all reporting companies to file information about the beneficial owners of the company the with Financial Crimes Enforcement Network (“FinCEN”).

Key Reminders as Deadline Approaches

By fridayfirmdev

The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions.  As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.   Who is required … Continued