ACTION REQUIRED for Business Owners: CTA Reporting

The Corporate Transparency Act (CTA) triggered new, broad-ranging reporting requirements, including filing Beneficial Ownership Information (BOI) Reports for certain entities via the Financial Crimes Enforcement Network (FinCEN) online portal. If you own an LLC, a Limited Partnership, or a small business, these requirements may directly impact you.
 
On March 1, 2024, a federal judge held that the CTA is unconstitutional, effectively placing the BOI reporting on hold for National Small Business Association members. Despite this ruling, the Department of Justice has filed an appeal and plans to continue enforcement of reporting requirements for all other beneficial owners of reporting companies.  While the outcome of the appeal remains uncertain, we highly encourage you to consider self-reporting and/or connecting with your CPA or attorney (who may directly support the filings if required).
 
For more in-depth details about the filing process, please see the CTA Filing Guidelines linked here. We won’t be able to file these reports on your behalf, but please let us know if you have any questions or need further assistance when doing so.