UPDATE: Corporate Transparency Act Back On As Potential Changes Loom

Compliance with the Corporate Transparency Act (the "CTA") is no longer voluntary. Businesses subject to the CTA, which includes the majority of entities formed or registered to do business in the United States, will have until March 21, 2025, to file their beneficial ownership information reports with the U.S. Treasury Financial Crimes Enforcement Network ("FinCEN"). Though enforcement of the CTA was previously temporarily enjoined, the United States District Court for the Eastern District of Texas granted the government's motion to stay the injunction, effectively lifting the nationwide "pause" on enforcement of the CTA. FinCEN has now issued updated guidance to reporting companies regarding the timing of filing beneficial ownership information reports.