After weeks of legal back-and-forth, the Corporate Transparency Act (CTA) is once again in full effect. Initially halted by a Texas District Court injunction on December 3, 2024, the CTA faced challenges over its constitutionality.
However, the Fifth Circuit Court of Appeals overturned the injunction on December 23, 2024, reinstating the CTA’s enforcement by FinCEN.
Businesses formed before January 1, 2024, are now required to submit their Beneficial Ownership Information (BOI) by January 13, 2024. Failure to file could result in $500 daily fines and criminal charges.
To simplify compliance:
- Use Counsel Club’s QuickCheck Tool to confirm if your business qualifies for an exemption.
- File securely with the BOI Filing Tool, ensuring encrypted submissions directly to FinCEN.
With the deadline rapidly approaching, now is the time to act.
