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Home » The Latest on the Corporate Transparency Act
Advocacy

The Latest on the Corporate Transparency Act

Recent Legal and Political Developments May Impact December Filing Deadline
December 19, 2024Updated:January 27, 2025No Comments2 Mins Read
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The Corporate Transparency Act is a law passed in 2020 which requires “covered entities” (generally small businesses with less than 20 employees and $5 million in revenue), to file “beneficial ownership information” with an agency called the Financial Crimes Enforcement Network (FinCEN).  A beneficial owner is someone who exercises “substantial control” over the entity, and the required information includes the names, addresses, and a copy of identifying documents (such as a drivers license or passport) of all the beneficial owners.  The deadline to file this information was set by FinCEN for January 1, 2025 for entities that existed prior to this year (so-called “existing entities”).

Throughout the year, AGC has advocated for a delay of this deadline, and has supported legal challenges to the law, which creates an undue burden on small contractors to ostensibly fight money laundering.  AGC supported legislation to delay the deadline which passed the House of Representatives earlier this year, and filed amicus briefs in support of two legal challenges to the constitutionality of the law.

AGC was very happy to see the negotiated end of year funding agreement included the legislative delay.  Unfortunately, the bipartisan deal appears to have run into political problems, and may not pass Congress.  However, a judge in the eastern district of Texas has also issued a preliminary injunction against FinCEN from implementing the law.  On Wednesday, AGC filed a “friend of the court” brief in support of this nationwide injunction (see attached), as the government has appealed to the 5th Circuit Court of Appeals.

As of now, the injunction remains in place, with a decision by the appellate court expected in the next few days.  Legislatively, AGC will continue to push for a one-year delay to be included in any end-of-year funding package.

For more information, please contact Matthew Turkstra.

AGC Home Building Corporate Transparency Act Federal/Heavy Financial Issues Highway Infrastructure Utility
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