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ARTICLE · 01 MAY 2025

Is The Corporate Transparency Act Dead?

Withers LLP
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The Corporate Transparency Act (CTA) initially required broad reporting from most US companies and penalties for failure to file were significant. You can read a fuller description here.

United StatesCorporate/Commercial Law
Elizabeth A. Bawden
Elizabeth A. Bawden
Melody Mirbod
Melody Mirbod
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The Corporate Transparency Act (CTA) initially required broad reporting from most US companies and penalties for failure to file were significant. You can read a fuller description here. This is why we encouraged our clients with any companies to comply. However, after a roller coaster year of court challenges and rulings, this has changed.

CTA no longer applies to US companies

The US Department of the Treasury's Financial Crimes Enforcement Network's (FinCEN's) interim final rules issued on March 21, 2025 significantly narrowed the scope of the CTA, which now only applies to foreign companies ("an entity formed under the law of a foreign country and registered to do business in the United States"). Foreign companies, however, will not be required to report any US citizens as beneficial owners, and US citizens will not be required to provide their personal information to foreign entities for which they are a beneficial owner.

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