Corporate Transparency Act is back
On Jan. 24, the Supreme Court issued an order granting a request by the government to allow enforcement of the Corporate Transparency Act (CTA) while litigation continues over the law.
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**Please note this situation is still developing and we will add information as soon as it is made available.
On Jan. 24, the Supreme Court issued an order granting a request by the government to allow enforcement of the Corporate Transparency Act (CTA) while litigation continues over the law.
At this time, the Financial Crimes Enforcement Network, which enforces CTA, has indicated another nationwide injunction is still in place, and companies are not currently required to file beneficial ownership information, even in light of the Supreme Court’s order. We will continue to update this story as information becomes available. Official updates are posted to the FinCen website: https://fincen.gov/boi.
Please note there are numerous webpages with similar addresses that are not affiliated with the government. The address above is the best place to stay updated and is where anyone who may try to file information should go.
The Corporate Transparency Act is an anti-money laundering law passed in 2021. The law requires companies to report certain information about owners and is intended to prevent crimes like money laundering and the financing of terrorism. Beneficial owner information includes the names and addresses of those who are substantially in control of a business. Businesses should consult their own legal counsel to determine how to proceed if they are subject to the CTA and have not yet filed information.
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