Articles Tagged with Chicago Business

Reporting under the CTA is on again!

The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues.

On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate Transparency Act (CTA). This decision in the case of Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, was influenced by the Supreme Court’s earlier ruling to stay a similar injunction in the Garland vs. Texas Top Cop Shop, Inc. case.

BOI Reporting

The landscape on the requirements for reporting under the Corporate Transparency Act has changed again.

The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for now. That’s despite the U.S. Supreme Court’s stay of a nationwide preliminary injunction that suspended enforcement of the act and its implementing regulations.