Flora Pettit Corporate Transparency Act Compliance Resources

A federal court in Texas has issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). An appeal has been filed. Businesses are waiting to see whether the new Administration will make any changes to CTA regulations, guidance, or enforcement.  We recommend clients prepare for potential performance by informing themselves about the CTA and determining who their Beneficial Owners are.  If the Texas decision is overruled, we expect businesses will be given additional time to report, but we will not know how much additional time unless and until that occurs.

Beginning January 1, 2024, certain types of entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is part of federal legislation known as the Corporate Transparency Act (CTA).

Linked below are Resources to assist Flora Pettit clients in understanding and meeting their CTA reporting obligations, if any.

Flora Pettit is happy to assist clients with understanding and meeting their obligations under the CTA and its beneficial ownership information (BOI) reporting requirements.

Flora Pettit is not filing CTA reports for clients.  We are assisting clients with understanding how to do so themselves or how to use a third party vendor to do so.  We cannot assume a client’s obligation to file updated CTA reports with FinCEN for the simple reason that we will not know when changes requiring an updated filing have occurred.