The Corporate Transparency Act was declared unconstitutional in an opinion that was issued by a federal court in Alabama on March 1, 2024. FinCEN has confirmed that the CTA is not currently being enforced against the plaintiffs in that action, including members of the National Small Business Association as of March 1, 2024, while noting others must “comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.” Additionally, the Government filed a Notice of Appeal with the Eleventh Circuit Court of Appeals on March 11, 2024.

Please stay tuned to our CTA Resource Center for further analysis and updates.

Corporate Transparency Act Resource Center

At Varnum, we understand the intricate landscape of corporate compliance, and we are here to guide you through the nuances of the Corporate Transparency Act (CTA), which took effect January 1, 2024. We have created a dedicated CTA Taskforce and developed resources to help you navigate this sweeping new law.

About the Corporate Transparency Act

The CTA was enacted to enhance corporate transparency and combat financial crime. It imposes mandatory obligations on certain companies operating in the United States, including international entities registered to do business in the United States. Once effective, a wide range of companies will be required to provide personal information about their beneficial owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Estimated number of entities that must comply with the CTA in 2024.

Estimated annual number of new entities that must comply with the CTA in 2025 and beyond.

or 2 years in prisonMaximum penalties for failure to comply with the CTA.

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Our Latest CTA Resources

Federal Court Strikes Down the Corporate Transparency Act as Unconstitutional

Beware of Corporate Transparency Act Scams and Fraud

Corporate Transparency Act: Implications for Business Startups

How Varnum Can Assist You

Our Taskforce specializes in CTA compliance, providing the tools that your organization needs to meet its obligations while minimizing operational disruptions. We offer a range of services tailored to your unique needs, including:

Compliance Assessment: assessing your existing company’s status under the CTA and developing a tailored compliance strategy.
Beneficial Ownership Reporting: guiding you through the process of identifying and reporting beneficial ownership information accurately.
Training and Education: providing comprehensive training programs for your company’s staff to foster a culture of compliance within your organization.
Audit and Due Diligence: conducting internal audits or due diligence checks to identify and help you rectify compliance issues.

Varnum is pleased to partner with SingleFile, a leading technology provider,
in order to facilitate the safe and secure collection of sensitive data required under the CTA.

Resources for Your Business

In our commitment to supporting your organization’s journey to CTA compliance, we provide valuable insights and resources.

Webinars and Workshops

Attend webinars and workshops to gain insights and practical knowledge on CTA compliance.

News and Updates

Join our mailing list to stay updated with the latest news, interpretations, and amendments to the CTA.

FAQs and Case Studies

Explore frequently asked questions and real-world case studies to understand the practical application of the CTA.

Stay Informed and Engaged

If you’re committed to ensuring your business remains compliant with the Corporate Transparency Act and want to stay informed about the latest developments, sign up for our advisories and events. We regularly host seminars, webinars, and networking opportunities to connect with other professionals navigating the same compliance challenges.

Your journey to CTA compliance begins here.