December saw a flurry of legislative and legal activity related to the Corporate Transparency Act (CTA). The latest court ruling, issued last Thursday, upheld a prior stay on enforcement of the CTA, meaning that businesses do not need to file beneficial ownership forms with the Financial Crimes Enforcement Network (FinCEN) by the end of the year. While it is expected that the government will petition the Supreme Court to override last week’s ruling, this latest news is a clear win for small businesses. Regardless, litigation over the CTA will continue into 2025.
The CTA requires every business entity with fewer than 20 employees or $5 million in revenues to file a report with the FinCEN identifying and providing information about the owners of the business. While the law is intended to crack down on money laundering, it is so broad that it impacts over 32 million small businesses.
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