Market
Most common reason for CTA non-compliance by Jan 13, 2025?
2
Corporate Transparency Act•5th Circuit•Beneficial Ownership Information•Financial Crimes Enforcement Network•FinCEN
Resolution / Starting Odds
Lack of awareness • 25%
Complexity of filing process • 25%
Privacy concerns • 25%
Other • 25%
Surveys or studies conducted by business associations or FinCEN
Story
Fifth Circuit Reinstates Corporate Transparency Act, Extends BOI Filing Deadline to Jan 13, 2025
Dec 23, 2024, 11:10 PM
The U.S. Court of Appeals for the Fifth Circuit has reinstated the enforcement of the Corporate Transparency Act (CTA), reversing a lower court's nationwide preliminary injunction. This decision by the 5th Circuit means that the requirement for businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) is back in effect. The CTA, aimed at combating financial crime and enhancing national security, mandates that small businesses disclose personal information about their beneficial owners to FinCEN. The ruling comes just days before the January 1, 2025, deadline for companies existing before January 1, 2024, to comply. In response to the ruling, FinCEN has extended the filing deadline to January 13, 2025, to provide businesses with additional time to meet the new requirements.
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Other • 25%
Legal challenges • 25%
Lack of awareness • 25%
Technical difficulties • 25%
Union negotiations • 25%
Technological limitations • 25%
Childcare issues • 25%
Health concerns • 25%
Failure to pass medical exams • 25%
Other reasons • 25%
Lack of awareness of the decree • 25%
Failure to submit biometric data • 25%
Department of Health and Human Services • 25%
Department of Defense • 25%
Department of Homeland Security • 25%
Department of Education • 25%
Cost Issues • 25%
Other Reasons • 25%
Technical Challenges • 25%
Privacy Concerns • 25%
Industry pushback • 25%
Administrative changes • 25%
Technical challenges • 25%
Other • 25%
Technical Issues • 25%
Public Readiness • 25%
Legislative Changes • 25%
Other • 25%
50% to 75% • 25%
75% to 90% • 25%
More than 90% • 25%
Less than 50% • 25%
Delayed payments • 25%
Incorrect amounts • 25%
Non-receipt of payments • 25%
Other administrative issues • 25%
Binance • 25%
Other • 25%
Kraken • 25%
Coinbase • 25%
