As of March 1, 2024, the Corporate Transparency Act (CTA) has been struck down as unconstitutional and beyond Congress’ authority. However, this finding was made only with respect to the parties in that case. The U.S. government, via the Financial Crimes Enforcement Network (FinCEN) has made clear that all other parties (small to mid-sized companies, generally) must comply with the CTA. While the status of the CTA may be subject to more litigation on constitutional grounds, businesses must comply with it for the time being.

As the first possible deadline of December 31, 2024 is approaching, we recommend proceeding to file the initial Beneficial Ownership Information (BOI) report. Please see blow for more information.

Please contact our offices if you have any questions.

If you would like more information, please read our newsletter that goes into further detail about the CTA.