At present (December 16, 2024), compliance with the Corporate Transparency Act is not required. Compliance, in the form of filing beneficial owner reports, may be done on a voluntary basis. This change is a result of a recent US federal district court decision which issued a nationwide injunction on CTA compliance. This court case …
Part II: Has the CTA been over-ruled ? – Injunction Time Read More »
The recent (March 1, 2024) US court ruling[i] in federal district court deemed the Corporate Transparency Act (“CTA”) unconstitutional. FinCEN subsequently (March 4, 2024) stated it will not require compliance with the CTA for the plaintiffs in the case; the plaintiffs generally being members of the (US) National Small Business Association (“NSBA. On March …
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What is the CTA? The Corporate Transparency Act (“CTA”) is a new US law intended to expand existing US anti-money laundering enforcement. The CTA requires the disclosure of the ultimate Beneficial Owners of all US business entities, such as corporations, certain LLCs, certain trusts, and other corporate type entities which are deemed Reporting …
