BREAKING NEWS !!

Please make sure you are speaking with your accountant and or attorney to understand what your reporting responsibility is regarding The Corporate Transparency Act.

For most eligible businesses, the filing deadline is January 1, 2025. Those who fail to file by this deadline — or fail to update this information if needed — could face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day.

However, yesterday a Federal Court blocked the implementation of this act across the United States.  Here is a link to this article that is discussing this:

Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline

Here is another link to learn more about the Corporate Transparency Act from the United States Chamber of Commerce, and note that it now states at the beginning of the article that the implementation of this act has now been halted indefinitely. 

What Every Small Business Needs to Know About the Corporate Transparency Act

As always, we encourage you to consult with your accountant/attorney to understand what you need to do under these circumstances.  

We hope this helps to keep everyone informed about this CTA and the reporting responsibilities.

Rick Van Der Leest

Apartment Association of Northeast Wisconsin | President

Fox Valley Apartment Association | Director of Government Affairs