Corporate Transparency Act Enforcement Resumes After Court Ruling

On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit lifted a nationwide injunction, reinstating the enforcement of the Corporate Transparency Act (CTA).
REUTERS
Consequently, businesses are now required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). To accommodate the recent legal developments, FinCEN has extended the reporting deadline for companies created or registered before January 1, 2024, to January 13, 2025.
CORPORATE COMPLIANCE INSIGHTS
Companies formed after January 1, 2024, must file within 90 days of their formation. Non-compliance may result in significant penalties, including fines up to $10,000 and imprisonment for up to two years.
REPAIRER DRIVEN NEWS
Businesses should promptly prepare to meet these reinstated requirements to ensure compliance.