Challenges To The Corporate Transparency Act

The Corporate Transparency Act (the "CTA"), which became effective on January 1, 2024, requires certain domestic and foreign companies doing business in the United States to file a beneficial ownership report with the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN"). Reporting entities created or registered before 2024 will have until January 1, 2025 to file their initial beneficial ownership report. Reporting entities created or registered in 2024 will have 90 days from filing corporate registration documents with secretaries of state to file a beneficial ownership report with FinCEN. Thereafter, reporting entities created after January 1, 2025 will have thirty days from the initial filing of their registration documents to file beneficial ownership reports with FinCEN.