All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what's happening with the Corporate Transparency Act and its ownership reporting rules. The key message: As of Dec. 26, the...
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). While this pause creates some uncertainty, it’s important to understand the potential next steps and what this means...
As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies that are required to comply (“reporting...