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REMINDER: Unconstitutional Ruling Doesn’t Change CTA Reporting
The March 1 decision in National Small Business Association (NSBA) v. Yellen has led to a widespread misunderstanding among legal professionals and CPAs concerning the Corporate Transparency Act’s (CTA) requirements. Many professionals mistakenly believe that the ruling has halted all their clients from the need to file BOI reports. However, this is not the case. If there is a new entity that was recently formed (January 1, 2024 or later), they are still required to file within 90 days of entity formation. Likewise, entities formed prior to January 1, 2024 are still required to file by December 31, 2024.
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The court’s ruling only affects NSBA’s 65,000 members and their entities. All other entities not affiliated with the NSBA are required to adhere to the standard CTA reporting deadlines. It is very important for professionals to recognize that this ruling has affected a small number of those that fall under CTA provisions; however, the unconstitutional ruling doesn’t change CTA reporting for most and does not apply broadly to all entities.
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