The Corporate Transparency Act (CTA), aimed at increasing transparency in corporate ownership structures, recently faced a legal roadblock. A nationwide injunction issued on December 3, 2024, paused CTA enforcement, raising constitutional concerns.

However, following an appeal by the U.S. Department of Justice, the Fifth Circuit Court of Appeals lifted the injunction on December 23, 2024, reinstating FinCEN’s authority to enforce the CTA.

The compliance deadline for filing Beneficial Ownership Information (BOI) has been set for January 13, 2024. Non-compliance may result in $500 daily fines and criminal penalties.

To ensure smooth compliance:

• Use Counsel Club’s QuickCheck Tool to assess your exemption status.

• For mandatory filings, the BOI Filing Tool provides secure, encrypted submissions directly to FinCEN.

The deadline is just around the corner—don’t wait to take action.