I almost could have bet we’d see movement on this within a week—but I didn’t expect it within a day! Here’s the quick update:
Real Quick
FinCEN has clarified that filing under the CTA remains voluntary at this time, and the agency will not be enforcing the law yet. While this doesn't jive with the Supreme Court ruling, at least we know their stance now.
The Details
Here's the longer version:
- There’s still a lot of confusion surrounding this law.
- As of this morning, many—including some of the largest law firms—believed the CTA was back in effect.
- However, FinCEN has since stated that filing is still voluntary and won’t be enforced right now.
- This means we’re back to a holding pattern. As mentioned in our previous article, make some popcorn and sit back...I'm sure there's more to come... and we’ll let you know more as soon as there’s another update.
- Apologies for the confusion. Our goal is to share timely, accurate information—especially when there’s so much uncertainty—so you can rely on a trusted source. We’re sorry if this back-and-forth has caused any frustration, we're with you too. However, we'll keep you informed as we hear more.
Until next time!
We appreciate your patience as this legal back-and-forth continues. We’ll keep you updated so you can stay compliant. If you have any questions, feel free to reach out.