UPDATE: Appeals Court Reinstates – Then Suspends – Corporate Transparency Act Filing Requirement

Important Update for Business Owners: What You Need to Know About the Corporate Transparency Act (CTA)

If you’re a business owner, you’ve probably heard about the Corporate Transparency Act (CTA) and its requirement for certain companies to disclose their owners’ personal information to the U.S. government. There have been some recent developments that could impact your filing deadline, so here’s an update on what’s happened and what you need to know moving forward.

Recent Developments:

• December 3, 2024: A federal court in Texas temporarily suspended the CTA filing deadline, leaving business owners uncertain about next steps.
• December 23, 2024: The 5th Circuit Court of Appeals reinstated the CTA filing requirements, extending the original deadline from January 1, 2025 to January 13, 2025.
• December 26, 2024: Just days later, the 5th Circuit reversed itself again, suspending the filing deadline once more while it considers the “weighty substantive arguments” raised by the involved parties.

What Does This Mean for You?

As of now, the CTA filing requirement is optional. This means business owners aren’t currently required to submit the personal information requested under the law. However, as we’ve seen over the past week, this could change at any moment. So, we recommend staying tuned for updates – and we’ll keep you informed right here.

How We Can Help:

The CTA is just one piece of the puzzle when it comes to protecting your business and your family’s future. Whether or not you need to file under the CTA, it’s important to ensure your estate plan and business structure are set up to minimize potential legal challenges and conflicts.

We’re here to help you navigate these changes and make sure your estate planning is up to date. If you’re unsure about the CTA or want to learn more about how we can support your business, we invite you to schedule a Life and Legacy Planning Session with us. During this session, we’ll walk you through how to protect your personal and business assets and ensure that your plan is aligned with current laws.

Feel free to reach out today – we’d love to help you and your family business stay ahead of the curve and avoid unnecessary court battles or legal complications down the road.

At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.

To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.