Update on the Corporate Transparency Act (CTA): What Therapists Need to Know
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction that pauses the enforcement of the Corporate Transparency Act (CTA). This means small businesses, including therapy practices, are currently not required to file the Beneficial Ownership Information Report (BOIR) as originally mandated.
What Does This Mean for Your Practice?
Here’s the deal:
If you’ve already filed: Great news—you’re all set! There’s nothing more you need to do.
If you haven’t filed yet: You have options:
File now: If you’re worried the injunction might be reversed and time could get tight, you can still submit your BOIR. The original due date was January 1, 2025, and completing it now might give you peace of mind.
Wait and see: You can choose to monitor the situation, as enforcement is currently on hold. Sign up for updates here: https://fincen.gov/boi
Personally, I chose to complete my filing today (December 6, 2024). It took about 15 minutes of focused time, which was worth it to avoid keeping up with ongoing updates.
A Heads-Up
As of today, the fincen.gov website has not been updated to reflect this recent change. If you decide to file, the process should still be accessible there.
Helpful Resources for Filing
Here are a few links for you to review to help you make your decision:
https://www.nfib.com/news-article/nfib-prevails-in-blocking-burdensome-beneficial-ownership-requirements-for-small-businesses/
https://www.jdsupra.com/legalnews/what-does-the-nationwide-preliminary-5730276/
Remember, the best choice depends on what feels most manageable for you. Whether you file now or take a wait-and-watch approach, staying informed is key!
