UPDATE: Many recent changes have occurred related to the Corporate Transparency Act (“CTA”) and the requirement for all business owners to disclose their personal information to the US government.
Here’s what’s transpired since a Texas federal court first suspended the CTA filing deadline on December 3, 2024:
- On December 23, 2024, the 5th Circuit Court of Appeals reinstated the CTA and its filing requirements for business owners, extending the deadline from January 1, 2025 to January 13, 2025.
- On December 26, 2024, the 5th Circut reversed itself, suspending the deadline once again while it takes time to review the “parties’ weighty substantive arguments.”
What this means for you: As of now, the filing requirement is optional. However, as we’ve seen this week, this is subject to change on any given day, so check back here and we’ll keep you updated. In the meantime, to learn more about the CTA, including the filing requirements now and in the future, book a call with us to find out how we can support you and your family business in staying out of court and conflict: ss these new IRS requirements. Let us help you protect your digital legacy for your loved ones.
Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.
