Bragg Financial Hosts Webinar on the Corporate Transparency Act

UPDATED February 20, 2025: Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025, for most companies. FinCEN will assess its options for further modifying deadlines. For more information, see the FinCEN notice dated February 18, 2025 (PDF).

Previous updates to this article:

• January 2, 2025: In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
• December 24, 2024: The deadline for most reporting companies to file beneficial ownership information (BOI) reports was extended to January 13, 2025, after the Fifth Circuit Court of Appeals granted a motion to lift an injunction put in place by a district court earlier this month.
• December 17, 2024: In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

Enacted by Congress in 2021, the Corporate Transparency Act (CTA) directs the Treasury Department to create a comprehensive federal database identifying individuals with significant stakes or control in various domestic and foreign companies. Crafted to thwart the misuse of corporations, LLCs, and other entities, the reporting rules went into effect on January 1, 2024. An estimated 30+ million entities are subject to the looming January 1, 2025, filing deadline.

Leading our discussion is Melissa Wiley. A respected authority on tax controversy topics, Melissa frequently presents on IRS filing requirements, penalties, and enforcement, as well as on ethics and the Corporate Transparency Act. Her 20-plus years of experience include litigation in the U.S. Tax Court, Court of Federal Claims, and various federal district courts, representing clients facing government and third-party subpoenas and investigations.

Learn more about the CTA in client advisor Evan Anderson’s article Shedding Light on the Corporate Transparency Act.