{"id":15409,"date":"2024-03-08T10:38:10","date_gmt":"2024-03-08T14:38:10","guid":{"rendered":"https:\/\/www.bfvlaw.com\/?p=15409"},"modified":"2024-03-18T11:59:02","modified_gmt":"2024-03-18T15:59:02","slug":"corporate-transparency-act-update","status":"publish","type":"post","link":"https:\/\/www.bfvlaw.com\/corporate-transparency-act-update\/","title":{"rendered":"Corporate Transparency Act Update"},"content":{"rendered":"<p>The Corporate Transparency ACT (\u201cCTA\u201d) went into effect January 1, 2024 to increase the transparency of legal entities and combat illegal activities. <strong>The CTA imposes new reporting burdens on most U.S. entities. <\/strong>Notably, <a href=\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-what-you-need-to-know\/\">affected companies must report information<\/a> about their beneficial owners to the Treasury Department\u2019s Financial Crimes Enforcement Network (\u201cFinCEN\u201d).<\/p>\n<h5><strong>March 2024: An Important Update<\/strong><\/h5>\n<p>Last week, a federal district court ruled that Congress lacked the power to enact the CTA, declaring the <a href=\"https:\/\/www.bfvlaw.com\/wp-admin\/upload.php?item=15405\">CTA unconstitutional<\/a>. While FinCen responded that it will <a href=\"https:\/\/www.fincen.gov\/news\/news-releases\/notice-regarding-national-small-business-united-v-yellen-no-522-cv-01448-nd-ala\">not enforce the CTA against the <em>specific plaintiff<\/em><\/a> in that action, it otherwise <strong>intends to continue enforcing the CTA and the reporting requirements<\/strong>. It remains to be seen if a broader court ruling prohibiting enforcement will be issued in the future.<\/p>\n<h5><strong>What Does this Decision Mean for You?<\/strong><\/h5>\n<p>At this time, <strong>continue to prepare to comply with the CTA and report beneficial ownership to FinCen<\/strong>. <a href=\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-what-you-need-to-know\/\">Click here<\/a> for relevant deadlines.<\/p>\n<p>Over the coming months, we expect more challenges to the CTA. We will closely monitor the legal developments and will keep you updated.<\/p>\n<p>As always,\u00a0 please <a href=\"https:\/\/www.bfvlaw.com\/area\/general-corporate\/\">let us know<\/a> if you have any questions or would like to discuss.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Corporate Transparency ACT (\u201cCTA\u201d) went into effect January 1, 2024 to increase the transparency of legal entities and combat illegal activities. The CTA imposes new reporting burdens on most U.S. entities. Notably, affected companies must report information about their beneficial owners to the Treasury Department\u2019s Financial Crimes Enforcement Network (\u201cFinCEN\u201d). March 2024: An Important [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":15410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"no","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,6],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate Transparency Act Update - Berman Fink Van Horn P.C.<\/title>\n<meta name=\"description\" content=\"The Corporate Transparency ACT (\u201cCTA\u201d) went into effect January 1, 2024 to increase the transparency of legal entities and combat illegal activities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corporate Transparency Act Update - Berman Fink Van Horn P.C.\" \/>\n<meta property=\"og:description\" content=\"The Corporate Transparency ACT (\u201cCTA\u201d) went into effect January 1, 2024 to increase the transparency of legal entities and combat illegal activities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Berman Fink Van Horn P.C.\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-08T14:38:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-18T15:59:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bfvlaw.com\/wp-content\/uploads\/2024\/03\/Transparency.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jill Ullman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jill Ullman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-update\/\",\"url\":\"https:\/\/www.bfvlaw.com\/corporate-transparency-act-update\/\",\"name\":\"Corporate Transparency Act Update - 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