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Corporate Transparency Act Overhauled: U.S. Entities No Longer Required to Report

Client Alert
March 24, 2025

Over the past several months, the federal judiciary has provided numerous rulings on the enforceability of the Corporate Transparency Act (“CTA”), which became effective January 1, 2024. For a more detailed overview on the CTA, click here.

On February 28th, we alerted business owners that they no longer had an obligation to submit reporting per updated guidance from the Department of Treasury. At the time, the Department of Treasury provided that the CTA would be re-evaluated in the coming weeks.

On March 21st, as promised, the Department of Treasury issued an interim final rule that significantly re-works the CTA. Going forward, all entities created in the United States and their beneficial owners will be exempt from the CTA’s reporting requirements. 

The only entities that are still required to submit beneficial ownership reporting are non-U.S. entities (entities formed under the laws of a foreign country) that are registered to do business in any U.S. state or tribal jurisdiction. Importantly, though, these non-U.S. entities are not required to submit beneficial ownership information for any of their owners that are U.S. citizens.

For further guidance on the changing landscape of CTA reporting, business owners should reach out to their BMD legal advisors or contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency ActBeneficial Ownership Information ReportingDepartment of TreasuryCTABlake R. GerneyJacob R. DavisBusiness & Corporate Law
Client Alert

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Ohio Department of Medicaid Proposes Changes to Dental Reimbursement and Coverage Rule

July 29, 2024The Ohio Department of Medicaid is proposing amendments to Ohio Administrative Code. There will be a hearing on the proposed rule changes August 12, 2024.Client Alert

Will Division II and III Athletic Programs Survive the New Era of College Athletics?

July 26, 2024The potential reclassification of student-athletes as employees presents major financial challenges for Division II and III sports programs, which may struggle to afford the costs and could be forced to cut or eliminate non-revenue-generating sports. Recent legal rulings, including the Alston case and Johnson v. NCAA, have challenged the NCAA's amateurism model and prompted a need for innovative solutions to sustain these programs.Client Alert

Corporate Transparency Act: Business Owners Must Act Now

July 10, 2024The Corporate Transparency Act requires all reporting companies to file their Beneficial Ownership Information (BOI) report by year-end to avoid penalties. Companies formed before January 1, 2024, have less than six months to comply. Learn more in a client alert by BMD Member Blake Gerney.Client Alert

New Medicare Billing Rules: What MFTs, MHCs, and IOP Providers Need to Know

July 9, 2024Starting January 1, 2024, Medicare began covering services provided to Medicare beneficiaries by marriage and family therapists, mental health counselors, and Intensive Outpatient Program (IOP) services. With this change, Medicare has become the primary payer for these services.
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