Corporate Transparency Act on hold – for now

The Corporate Transparency Act (CTA) that went into effect Jan. 1, 2024 is currently on hold as of Dec. 26, according to the U.S. Chamber. The CTA requires many small business owners to file corporate transparency reports with beneficial ownership information. Failure to do so could result in large fines and penalties. The filing deadline was changed to Jan. 13, 2025, but the U.S. Appeals Court has paused this enforcement of the CTA for now.

For more information on the CTA, how to file, and the latest appeals information see the U.S. Chamber’s information page – click here. Stay tuned to your Grundy Chamber communications for updates. Be on the look out as well for a new laws webinar coming in January.