On December 23, the U.S. Court of Appeals for the Fifth Circuit reinstated the beneficial ownership reporting requirements of the Corporate Transparency Act (CTA), reversing a decision early in December by a Texas judge to halt the requirements. Under the CTA, which went into effect on January 1, 2024, many U.S. small business owners are required to file corporate transparency reports with beneficial ownership information.
On December 23, the U.S. Court of Appeals for the Fifth Circuit reinstated the beneficial ownership reporting requirements of the Corporate Transparency Act (CTA), reversing a decision early in December by a Texas judge to halt the requirements. Under the CTA, which went into effect on January 1, 2024, many U.S. small business owners are required to file corporate transparency reports with beneficial ownership information.