Corporate Transparency Act Filing Requirements (as of January 6, 2024)

In November 2024, we emailed about the Corporate Transparency Act’s filing requirements with respect to certain business entities. Subsequently, across December 2024, federal District and Circuit Courts issued successive, contradictory rulings about the enforceability of the Act. As of this writing, the courts have suspended all filing obligations under the Act – for now. However, this litigation is ongoing and, if the Act becomes enforceable again, the filing obligations may be reinstated with very little time to comply. So, for Goldman Drake clients that are subject to the Act’s reporting obligations, our advice is to voluntarily comply by submitting the simple report.

The Treasury Department anticipates that reporting is simple enough that most companies will be able to file online on their own using Treasury-issued guidance, available here: Treasury Department Website.  If additional guidance is needed, tax preparers and attorneys are allowed to file this report on behalf of companies.  Please contact us if you have any questions.