Judge Suspends Corporate Transparency Act Reporting Requirement

On Dec. 3 a Texas federal judge blocked the enforcement of the Corporate Transparency Act, suspending businesses’ requirement to file a Beneficial Ownership Information report.

Congress passed the CTA in 2021, requiring small businesses to start filing Beneficial Ownership Information reports with the Department of the Treasury by Jan. 1.

The act was aimed at cracking down on illicit financial activities, such as drug trafficking, tax evasion and terrorist financing.