The MDS Dental Practice and Benefits Committee wants to inform members about the revised status of the Corporate Transparency Act (CTA).
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide injunction that blocks the enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This decision provides a temporary reprieve for small businesses while the court continues to review the government’s appeal.
What does this mean?
Currently, BOI filing requirements are paused, meaning businesses are not required to submit their reports at this time, but voluntary filings remain an option. This decision overturns a previous order that had briefly reinstated BOI reporting requirement which we shared in a Dental Insight last week.
The CTA law aims to mitigate money-laundering operations and requires small businesses, including dental practices, to report information on beneficial ownership to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.
For more information or to file a beneficial ownership report, visit fincen.gov/boi. The ADA also created a Frequently Asked Questions page to assist dentists with questions.
DISCLAIMER: This is informational and not legal advice. Please seek legal counsel.
Reinstatement of CTA Injunction
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