Current Status of the Corporate Transparency Act
By Peter LePage, SCORE Williamsburg
The Corporate Transparency Act (CTA), enacted in 2021 to curb illicit finance, requires most US small businesses to report information about the individuals who own or control them. Failure to comply carries severe penalties. Go to https://www.fincen.gov/boi
There have been several legal challenges, injunctions and stays by various courts, some of which remain unresolved. As a result, the requirement to file has been suspended, though businesses are free to comply voluntarily. Businesses are encouraged to monitor its status closely as future court decisions or actions by the new Administration may impact its enforcement.
For updates and free expert guidance on navigating these and other small business challenges, visit SCORE at https://www.score.org/
