Corporate Transparency Act Reporting Requirements Back in Effect

On Feb. 18, the U.S. District Court for the Eastern District of Texas ruled in favor of the U.S. Department of the Treasury, effectively putting beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) back into effect.  For the vast majority of small businesses, including independent optometry practices, the new deadline to file a BOI report is March 21, 2025. 

Congress enacted the CTA, which originally took effect in 2024, to make it easier for the federal government to crack down on shell companies used for illegal activities. Although optometry practices are not involved in such activities, many would be required to report information about their ownership to the Financial Crimes Enforcement Network (FinCEN), a Treasury Department agency, or face penalties. 

The AOA continues to advocate for relief from this administrative burden. Meanwhile, the AOA will continue to provide  CTA updates and resources, including a FAQ, compliance guide and informational webinar available on  AOA EyeLearn.