{"id":32784,"date":"2025-01-21T16:26:56","date_gmt":"2025-01-21T22:26:56","guid":{"rendered":"https:\/\/www.wbdc.org\/?p=32784"},"modified":"2025-01-24T12:47:21","modified_gmt":"2025-01-24T18:47:21","slug":"corporate-transparency-act-cta-update","status":"publish","type":"post","link":"https:\/\/www.wbdc.org\/en\/corporate-transparency-act-cta-update\/","title":{"rendered":"Corporate Transparency Act (CTA) Update"},"content":{"rendered":"<p><b><span data-olk-copy-source=\"MessageBody\">Stay Alert for Updates\u00a0<\/span><\/b><b>in the News\u00a0<\/b><b>on the Corporate Transparency Act (CTA<\/b><b>)<\/b><\/p>\n<p><span data-olk-copy-source=\"MessageBody\">T<\/span>he Corporate Transparency Act (CTA)\u00a0is a federal law that went into effect in 2024 to prevent illegal financial activities by increasing transparency in business ownership. The CTA requires most corporations and LLCs to disclose information to the Financial Crimes Enforcement Network (FinCEN), a bureau within the\u00a0<a title=\"https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_the_Treasury\" href=\"https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_the_Treasury\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"0\">United States Department of the Treasury<\/a>, about their \u201cbeneficial owners\u201d, meaning anyone who, directly or indirectly, owns 25% or more of the company or who exercises significant control over it.<\/p>\n<p>The original deadline for compliance with this new requirement\u00a0had been 12\/31\/24,\u00a0but in a series of developments last month, a nationwide preliminary injunction blocking\u00a0government\u00a0enforcement of the CTA was issued, stayed, and reinstated.\u00a0Then, on January 23, 2025, the United States Supreme Court issued a stay of the nationwide preliminary injunction.\u00a0<b>Although the lifting of the injunction means that FinCEN may once again begin to enforce the CTA, the FinCEN website states that reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.<\/b><\/p>\n<p>Since this is a rapidly changing situation, we urge you to continue to stay alert for further updates on reporting requirements and applicable deadlines on the\u00a0<b><a title=\"https:\/\/fincen.gov\/boi\" href=\"https:\/\/fincen.gov\/boi\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"1\">FinCEN website<\/a><\/b>.<\/p>\n<p>If you have questions or need help, you can watch our video at\u00a0<a title=\"https:\/\/www.youtube.com\/watch?v=SP7ahtx_reM\" href=\"https:\/\/www.youtube.com\/watch?v=SP7ahtx_reM\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"2\">https:\/\/www.youtube.com\/watch?v=SP7ahtx_reM<\/a>\u00a0or schedule a Zoom call with a WBDC advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay Alert for Updates\u00a0in the News\u00a0on the Corporate Transparency Act (CTA) The Corporate Transparency Act (CTA)\u00a0is a federal law that went into effect in 2024 to prevent illegal financial activities&#8230;<\/p>\n","protected":false},"author":33,"featured_media":32696,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[24],"tags":[],"class_list":["post-32784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/posts\/32784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/comments?post=32784"}],"version-history":[{"count":2,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/posts\/32784\/revisions"}],"predecessor-version":[{"id":32806,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/posts\/32784\/revisions\/32806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/media\/32696"}],"wp:attachment":[{"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/media?parent=32784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/categories?post=32784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wbdc.org\/en\/wp-json\/wp\/v2\/tags?post=32784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}