As readers know from prior posts and our law firm website (cameronmcevoy.com), the Corporate Transparency Act (CTA), requires small business owners of LLC’s and corporations to register with the Financial Crimes Enforcement Network or potentially be fined up to $10,000. The way to do so is set forth in our prior notices, and has been widely publicized by law firms, accounting firms and financial advisors. For instructions see the FinCen website – https://www.fincen.gov/boi.
The CTA was declared invalid on December 3, 2024, by a federal court in Texas, providing great relief to those who had not filed and frustration for those who already had done so. But on Monday December 23, the 5th Circuit Court of Appeals overturned the lower court, ruling CTA reporting is in the “public’s urgent interest in combating financial crime and protecting our country’s national security.”
So absent the Supreme Court hearing and reversing, affected business owners must file by January 13, 2025. Ultimately the Trump Administration could repeal, but obviously not before January 13.
