While the matter is currently the subject of high-profile litigation that has attracted a lot of headlines, most U.S. businesses are still subject to the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. The March ruling from an Alabama federal judge found the CTA to be unconstitutional, and the BOI reporting requirements unenforceable, only applies to the plaintiffs in the case he was hearing: an Ohio small business and members of the National Small Business Association (NSBA) as of the March 1 decision date.

The Justice Department appealed the Alabama decision, and the Financial Crimes Enforcement Network (FinCEN) has made it clear that all businesses not involved in the case are subject to the reporting requirements. That means, beginning in 2024, newly formed businesses must file BOI reports with FinCEN within 90 days of receiving word from the secretary of state that the business was created or registered. By the end of the year, all businesses formed prior to 2024 must file reports. Any business formed after Jan. 1, 2025, must file a BOI report with FinCEN within 30 calendar days of receiving actual or public notice that their creation or registration is effective.