Latest News
Breaking Update: Corporate Transparency Act (CTA) Filing Deadline Reinstated
Dec 30, 2024
The January 1, 2025, deadline for beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA) is back in effect. The Fifth Circuit Court of Appeals has granted the federal government’s request to lift a previous injunction that had temporarily halted the reporting requirements for small businesses.
What This Means for Your Business:
Small businesses with less than $5 million in annual revenue and fewer than 20 full-time employees must now report their ownership structure, business addresses, and other details to the Financial Crimes Enforcement Network (FinCEN). Noncompliance may result in penalties of up to $591 per day.
Why This Matters:
The Restaurant Law Center and other industry groups argued for a delay, citing insufficient outreach, low awareness, and tight timelines, which have led to compliance challenges. Despite ongoing litigation questioning the CTA's constitutionality, the appeals court ruled to allow enforcement while the case continues.
Next Steps:
Restaurants affected by this rule should begin preparing to file their BOI reports. Use our guides and resources to understand what information is required and how to complete your submission.
Access Resources and File Your Report Here [BOI E-Filing – File Beneficial Ownership Information Report]
Stay tuned for updates as litigation progresses.