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The implementation of the Corporate Transparency Act (CTA), which came into effect on January 1, 2024, has been temporarily halted as of December 26. This development was announced by the U.S. Chamber.
The CTA mandates that numerous small business owners submit corporate transparency reports containing beneficial ownership information. Non-compliance could lead to substantial fines and penalties. Initially, the deadline for filing these reports was set for January 13, 2025; however, the U.S. Appeals Court has currently paused this enforcement.
Business owners seeking more information about the CTA, how to file reports, and updates on appeals can refer to the U.S. Chamber's information page. Additionally, individuals are encouraged to stay informed through Grundy Chamber communications and anticipate a new laws webinar scheduled for January.
