CTA Filing

Are you aware of the Corporate Transparency Act?

The Corporate Transparency Act (CTA) was passed in 2021 as part of the government’s efforts to make it harder to hide ill-gotten gains through shell companies (to learn more visit the FinCEN website: www.fincen.gov).

CTA filing requires companies to report their Beneficial Owners to the U.S. Department of the Treasury. After the initial reporting, you won’t need to report again unless changes are made within the company.

Update: January 23, 2025

“The U.S. Supreme Court issued an order reviving the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. Reporting entities established before 2024 had been required to file an initial BOI report with the Financial Crimes Enforcement Network (FinCEN) by Jan. 13. However, the U.S. Court of Appeals for the 5th Circuit issued a Dec. 26 stay pausing enforcement of reporting requirements while it considered the case.

The Supreme Court’s two-page order did not provide the reasons for reversing the 5th Circuit’s stay on CTA enforcement, but the high court said the act can be enforced until the 5th Circuit has issued a decision as to its constitutionality. The order also said the CTA would remain in force while the Supreme Court was considering whether to hear any appeals of the 5th Circuit’s ruling on the CTA.

FinCEN has yet to respond to the Supreme Court’s order and it is not clear when businesses will be required to file their initial BOI report with the agency. We will continue to monitor developments regarding BOI reporting and alert you to any changes or updates as they occur.” NATP TAXPRO Weekly

By filling out the CTA Authorization Form, we can help you with your reporting.