There’s Time to Chill: The CTA has been frozen yet again.

Thanks to a recent decision made by the U.S. Court of Appeals for the Fifth Circuit, the Corporate Transparency Act (CTA) reporting requirements are once again halted for the new year. This could change after the appeal process – which has been expedited – so make sure to stay prepared to file your beneficial ownership information (BOI) reports to FinCEN just in case requirements are reinstated. With the status of the reporting requirements constantly changing, it’s hard to be sure where it will land – but we’ll keep you in the know. Your Wyoming Chamber of Commerce President/CEO Dale Steenbergen shared the following statement about this decision:

“While the goal of the CTA to keep our adversaries at bay is laudable, the way it was being implemented was dually unfair to small businesses around the country.  The Chamber applauds the courts for their decision to pause this onerous requirement for our business community.  We hope that the issue is reexamined and a more workable solution is found that holds our enemies at bay but also recognizes the needs of small businesses.”