The Corporate Transparency Act (“CTA”) mandates that most legal entities (e.g., corporations, limited partnerships, LLCs) formed prior to 2024 file a Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network by the end of 2024. However, several cases are underway challenging the constitutionality of the CTA, including Texas Top Cop Shop v. Garland. On February 17, 2025, a federal judge lifted the last remaining nationwide injunction, reinstating BOI reporting requirements and the enforcement of the CTA. On March 2, 2025, the U.S. Treasury Department announced that CTA penalties and enforcement will not apply to domestic businesses and that a new rule will narrow the CTA’s scope to foreign reporting companies only.
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