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Maine Alliance for Road Associations

FinCEN suspended

  • 10 Feb 2025 9:09 PM
    Message # 13461549

    FYI 

    Federal Reporting Requirement Update as of February 7, 2025. On January 1, 2024, The Corporate Transparency Act ("CTA") was enacted by Congress. Many small businesses are required to report information about the individuals who own or control them. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. However, due to ongoing legal action, the beneficial ownership reporting requirement has been suspended. Voluntary filings are still being accepted. We encourage you to monitor any new developments with the legal action by periodically visiting FinCEN's website.


                            The Maine Alliance for Road Associations


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