PCS receives many questions about the Corporate Transparency Act. Here is the most recent information.
To review, the Corporate Transparency Act was passed to document ownership in US corporations. Several parties filed class action lawsuits against this law; one case was heard in Federal Court and initially ruled the law invalid. However, the Court later clarified that the ruling applied only to the plaintiffs who brought the initial suit. This was a very small group in a special interest group. As of now, the Act is still in place for everyone else with required compliance by January 1, 2025. All corporations must comply, and fortunately, the process is fairly simple. You can go to https://www.fincen.gov/ to file. Fines for non-compliance are up to $10,000 per entity.
You can read more about the Corporate Transparency Act in our original article here: PracticeComplianceSolutions.com/the-corporate-transparency-act/
