U.S. Supreme Court Allows Corporate Transparency Act to Now Proceed: Businesses Urged to Prepare
U.S. Supreme Court Allows Corporate Transparency Act to Now Proceed: Businesses Urged to Prepare
The Supreme Court just ruled to allow the government to enforce the Corporate Transparency Act (“CTA”), a landmark law requiring businesses to disclose their beneficial ownership information. This decision overturns a nationwide injunction, meaning compliance is now critical for many U.S. entities.
The Financial Crimes Enforcement Network (“FinCEN”) estimates that over 32.6 million existing companies and 5 million new entities will need to comply annually. Fines of up to $500 per day for noncompliance are possible, alongside other penalties for willful violations.
Affected businesses include those incorporated under U.S. state or tribal laws, with certain exemptions like publicly traded companies and regulated entities. Transparency advocates argue that the CTA will help prevent money laundering and other financial crimes.
Steps to Prepare:
•Identify whether your business must file ownership information.
•Ensure the accuracy of beneficial ownership data to avoid penalties.
•Consult us if you have concerns about confidentiality or compliance deadlines.
For more information and to review the case, click HERE. If you would like to read our previous articles on the subject, click Corporate Transparency Act: Fifth Circuit Reinstates Filing Deadline: Act Now to Comply – Epps & Coulson, LLP. If you have questions or need assistance navigating the CTA requirements, give us a call. Epps & Coulson, LLP’s dedicated professionals are available to help you navigate all your business matters. Contact Dawn Coulson at: dawn@eppscoulson.com for any questions you may have.
Information contained in this Memo is intended for informational and educational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney. It is likely considered advertising. Epps & Coulson, LLP encourages you to call to discuss these matters as they apply to you or your business. Epps & Coulson, LLP has staff licensed in France and affiliated Counsel offices in New York and Connecticut with lawyers also admitted in Connecticut, District of Columbia Massachusetts (pending), New Jersey, Hawaii, European Union, England and Wales, France (Paris Bar) and Sweden.
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