Corporate Transparency Act (CTA)
Jan. 2025
On 12/26/24, the 5th Circuit Court of Appeals reinstated a nationwide injunction on the reporting of beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). The court scheduled a hearing on 3/25/25 to address the merits of the reporting requirements. While this is pending, you may want to ensure you have gathered or continue to gather the necessary information in case the injunction is set aside. Please note that certain websites that discuss CTA submissions still say to file your report to avoid a penalty of $591/day; this obviously has not been updated. Also note that you can voluntarily submit your information, but there is no obligation to do so at this time.