On February 27, FinCEN announced a temporary suspension of CTA enforcement action and indicated that compliance deadlines would be re-set through an interim final rule to be published on or before March 21.

On March 2, the Treasury Department took this a step further by announcing that “[Treasury] will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.” Signaling a significant shift in BOI reporting under the CTA, Treasury committed to “issuing a proposed rulemaking that will narrow the scope of the [BOI] rule to foreign reporting companies only.” No further details were released. Varnum’s CTA Taskforce continues to monitor these developments and will provide updates as they become available.

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

Corporate Transparency Act's Reporting Obligations Revived

Corporate Transparency Act’s Reporting Requirements: Is Your Company Prepared?

Beware of Corporate Transparency Act Scams and Fraud

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.

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.