Quarter 4, 2024: Corporate Transparency Act Halted—For Now
By: Attorney Laura Smittick
If you are an owner or decision- maker of a business, you have likely heard of the impending deadline to comply with the U.S. Financial
Crimes Enforcement Network (FinCEN) Corporate Transparency Act (CTA).
As currently written, the CTA requires all corporations, limited liability companies, and certain other entities to file a beneficial ownership interest (BOI) report with FinCEN. Businesses formed prior to January 1, 2024 had a deadline of January 1, 2025 to comply with this new requirement. The BOI filing is required for all existing and newly formed entities which do not qualify for a limited number of exemptions.