Attention Small Business Owners! Update to the Corporate Transparency Act Filing Requirement
Many recent changes have occurred related to the Corporate Transparency Act (“CTA”) and the requirement for all business owners to disclose their personal information to the US government.
We first shared the news that small business owners had a new reporting requirement way back before reporting had even begun (click here to read more), and we’ve updated you as the Federal government has made clarifications to the requirement (click here to read more).
On December 3, 2024 a Texas federal court suspended the CTA filing deadline, followed by the 5th Circuit Court of Appeals reinstated the CTA on December 23, extending the deadline from January 1, 2025 to January 13, 2025.
The MOST RECENT UPDATE:
On December 26, 2024, the 5th Circuit reversed itself, suspending the deadline once again, while it takes time to review the “parties’ weighty substantive arguments.”
What this means for business owners:
As of now, the filing requirement is optional. However, as we’ve seen this week, this is subject to change on any given day, so check back here and we’ll keep you updated. In the meantime, if you own a small business and want to learn more about the CTA, including the filing requirements now and in the future, book a call with us to find out how we can support you and your business in staying out of court and conflict.
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The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
