Editor’s Note: Woodall’s Campground Magazine (WCM) caught up with Christine Taylor, a lawyer and partner at Goldberg Segalla, about what park owners should expect after the suspension of the deadline for the Corporate Transparency Act (CTA).
She noted that as of right now the enforcement of the act was being delayed, but that technically businesses still needed to file, however, if businesses don’t, there are not going to be any penalties.
Taylor did note that some states, like New York, are enacting their own transparency acts, so it is imperative that park owners keep an eye on the situation in their states to understand reporting requirements on that end.
To learn more about the CTA, click here.
Below is a story about the most recent action on the CTA.
On March 2, 2025, the Treasury Department announced suspension of the March 21 deadline for filing under the Corporate Transparency Act (CTA) for any domestic companies or U.S. citizens, according to the National Law Review.
Treasury said that it is preparing a proposed rulemaking to narrow the scope of the rule to foreign reporting companies only. “Foreign reporting companies,” under the present formulation, are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the U.S. by filing a document with a secretary of state or any similar office.
While the rule may be subject to legal challenge, as the narrowing proposed by the Treasury Department is inconsistent with the text of the CTA itself, it is not clear who, if anyone, would challenge the new proposed rules. Congress is also contemplating changes to the law.
