The filing deadline for the Corporate Transparency Act was extended to Jan. 13, 2025, according to a Dec. 26 news release from the American Dental Association.
Here are six notes for dentists:
1. The law aims to cut down on money-laundering operations and requires small businesses, including dental practices, to report information on beneficial ownership to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.
2. The original deadline to file was Jan. 1, 2025. The ADA advocated for the deadline to be pushed back until Jan. 1, 2026.
3. On Dec. 3, U.S. District Judge Amos Mazzant ruled that the Corporate Transparency Act oversteps the power of Congress to regulate interstate and foreign commerce. The ruling issued a nationwide injunction, blocking the enforcement of the act.
4. On Dec. 23, an appellate court reversed the injunction against the act, which meant that businesses would have been required to file reports.
5. There are pending court cases surrounding the scope and constitutionality of the act in district courts in Alabama and Michigan.
6. In September, the ADA joined more than 150 trade organizations calling for the delay of the filing deadline.