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Corporate

Feb. 5, 2025

Corporate Transparency Act: Reporting obligations halted for business owners

The Corporate Transparency Act (CTA) requires certain business entities to report ownership information to FinCEN, but its enforcement is currently paused due to a nationwide injunction in Smith v. U.S. Department of the Treasury, leaving reporting deadlines in limbo while legal challenges continue.

Molly L. Okamura

Associate, Newmeyer & Dillion

Jon J. Janecek

Partner, Newmeyer & Dillion

Shutterstock

The Corporate Transparency Act (CTA) requires certain business entities to file information about the company, its beneficial owners and individuals who exercise a substantial control over the company (BOI reports) with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The CTA applies to "reporting companies," which the CTA broadly defines as an entity that is created by the ...

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