The recently enacted comprehensive tax reform legislation—The One Big, Beautiful Bill Act—delivers the most significant changes to the tax code since 2017. This landmark bill provides substantial benefits for small businesses, S corporations, partnerships, and rural communities alike.

The beneficial ownership information reporting requirements under the Corporate Transparency Act were just halted by a nationwide preliminary injunction.

The Corporate Transparency Act (“CTA”), effective January 1, 2024, requires certain businesses to report beneficial ownership information to the Financial Crimes Enforcement Network.