The Corporate Transparency Act (CTA) has been a point of legal contention in recent months. A nationwide injunction issued on December 3, 2024, temporarily paused the CTA’s enforcement, citing concerns about congressional overreach.
However, after an appeal by the U.S. Department of Justice, the Fifth Circuit Court of Appeals overturned the injunction on December 23, 2024, reinstating the CTA requirements.
Now, businesses must file their Beneficial Ownership Information (BOI) with FinCEN no later than January 13, 2024, or face $500 daily penalties and potential criminal repercussions.
Businesses can simplify compliance with:
- Counsel Club’s QuickCheck Tool to determine exemption eligibility.
- BOI Filing Tool for secure and encrypted direct submissions to FinCEN.
The clock is ticking—ensure your business meets the deadline to avoid penalties.
