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CTA UPDATE: As of March 21, 2025, the Corporate Transparency Act no longer applies to U.S. companies or U.S. persons, per a new “interim final rule” issued by the Department of Treasury.
Dudnick Detwiler Rivin & Stikker LLP rises to the occasion in the ever-evolving business climate. From tax law to legal precedents, the rules are always changing. It can be hard to keep up on your own. That’s why we work with our clients to develop first-class strategies based on their current needs.
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Only foreign entities that have registered to do business in the U.S. must report beneficial ownership information, and even for those, U.S. persons who are beneficial owners are not subject to CTA reporting. Thus, the CTA is now relevant only to non-U.S. companies and their non-U.S. beneficial owners.
The “interim final rule” is still subject to public comment for 60 days, so there is a slim chance that the scope of the CTA could be expanded again. DDRS will continue to monitor developments in CTA requirements.