The Corporate Transparency Act is put on hold for now. A United States Federal Court in Texas enjoined the enforcement of the Act. Prior to this, I had clients and tax professionals reaching out for more information about what this Act meant, and who it applied to. The Corporate Transparency Act required that “beneficial owners” of US business entities file a form with the government prior to the beginning of next year. Essentially, it was a way for the United States government to know who really owned a business entity. Most of my clients with formal business entities never knew about this, and I had other clients worrying that this Act applied to them because they had a revocable living trust.
For now, there’s no rush to submit this form prior to the end of the year. Stay tuned, however, because the US government will likely appeal the Texas court’s ruling, and if that ruling is overturned, business entities will have to file this form.