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Update on Corporate Transparency Act (CTA) Compliance 


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If you are a business owner, here's an important update regarding the Corporate Transparency Act (CTA), which requires most entities formed or registered to do business in the U.S. to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).

 

A recent federal court ruling lifted the temporary injunction that had paused enforcement of the CTA. As a result, compliance obligations are now reinstated, with some extended deadlines to account for the pause:

 

  • Entities formed or registered before January 1, 2024 now have until January 13, 2025 to file their BOI reports.

 

  • Entities formed in late 2024 who were affected by the injunction also have revised filing deadlines.

 

Non-compliance with the CTA can result in significant penalties, including fines and even imprisonment, so it’s crucial to stay on top of these requirements.

 

🔗 For more details or to begin the filing process, visit FinCEN’s BOI reporting page: https://www.fincen.gov/boi.

 

Videos and content are for educational purposes only, not to provide specific legal advice.

 

 

 

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