Dec. 30, 2024
What’s happening: On Dec. 26, 2024, the U.S. Court of Appeals for the Fifth Circuit paused the enforcement of the Corporate Transparency Act (CTA), or the beneficial ownership reporting requirements for small business owners. This reverses the earlier decision from Dec.23, 2024, to reinstate the CTA and its reporting requirements. The Act remains on hold for now while under review.
What’s next: As our legal partners across the state note, this is a fluid situation with polar opposite decisions coming within days of each other. We are working to help Michigan employers stay on top of the latest developments given the sheer impact of the CTA as well as the varying decisions and potential compliance deadlines.
Go deeper: Visit the pages of our Legal Service expert members across the state or check out this latest update from Varnum. You can also access the U.S. Chamber’s guide: Complying with the Corporate Transparency Act: A Guide for Small Businesses and update.