Corporate Transparency Act Reporting on Hold (For Now)

There’s been a lot of back and forth in the courts recently about the Corporate Transparency Act (CTA), which requires certain businesses to file beneficial ownership reports with FinCEN (Financial Crimes Enforcement Network). Here’s where things stand as of now:

What’s the Current Status?
Right now, businesses are not required to file beneficial ownership reports due to an ongoing legal case in Texas—Texas Top Cop Shop, Inc. v. Garland. A federal court issued an injunction, stopping the government from enforcing the CTA while the case is still in progress. The Department of Justice has appealed, but until the court case is resolved, there’s no requirement to file.
Can Businesses Still Submit Reports?
Yes! While it’s not required, companies can voluntarily submit their beneficial ownership reports if they want to.
What’s the CTA About?
The Corporate Transparency Act aims to combat illegal activities like money laundering and terrorist financing by requiring businesses to disclose who really owns them. It’s intended to close loopholes and promote transparency, but it’s also raised concerns about privacy and government overreach.
What Happens Next?
The legal battle isn’t over. The government is actively defending the CTA and arguing that it’s constitutional. Meanwhile, other courts have ruled in favor of the Treasury Department, allowing enforcement of the law in some cases. So, we’ll have to wait and see how this plays out.

Quick Tip for Business Owners:

Even though the filing requirement is currently paused, it’s a good idea to stay informed. If the CTA becomes enforceable again, reporting deadlines could come quickly. Keep an eye on updates and consult with a legal or tax professional to ensure your business stays compliant.

Get to know me more

Hi, I’m Alfred Beato, founder of Legacy Advice Group, and I’ve dedicated my career to helping clients navigate both their business and personal finances with clarity, care, and proactive advice.

My journey in public accounting started when I was just 15 years old, working part-time at a small CPA firm. What began with making copies and organizing files quickly turned into learning the fundamentals of bookkeeping and tax preparation, and from that moment on, I knew I wanted to build my own firm one day.

After earning my bachelor’s degree from FIU in 2015, I joined Appelrouth, Farrah & Co., a respected CPA firm in Coral Gables. It was here that I gained invaluable hands-on experience — not just preparing tax returns but learning how to work directly with clients, build relationships, and offer meaningful advice.

Throughout my time at Appelrouth, I also continued working with another CPA firm — my brother’s practice, Beato Pimentel & Associates. Whether it was providing input on client engagements or assisting with operations, this experience allowed me to gain a deeper understanding of the entrepreneurial side of running a firm.

In 2020, I completed my master’s in taxation from NOVA Southeastern University, further refining my knowledge in tax planning and advisory services. These experiences taught me to think beyond the numbers and approach every client relationship as a trusted advisor, not just a tax preparer. This foundation has shaped the way I serve my clients today.

Why I Started Legacy Advice Group

I’ve always known that I wanted to be self-employed. The idea of building something meaningful and helping clients on my own terms has been my goal from day one. Over the years, I’ve had the privilege of working with some incredible firms, learning everything from client engagement and billing strategies to tax planning and business advisory. But at the end of the day, I realized that no one firm could fulfill my dream of running my own practice.

That’s why I started Legacy Advice Group. It’s about more than just compliance work — it’s about guiding clients through their financial journey and helping them build a legacy for their families and future generations.

My Ties to Latin America

With roots in Cuba and the Dominican Republic, and being fluent in both English and Spanish, I’m proud to bring a unique perspective to my practice. Many of my clients have ties to Latin America, and I understand the cultural and financial challenges that come with managing cross-border finances.

Our team at Legacy Advice Group also shares this diverse background, allowing us to better serve clients from all walks of life — whether they’re navigating U.S. tax compliance or managing foreign investments.

Connect With Me

I believe in building relationships with my clients beyond the numbers. If you’d like to get to know me better, feel free to connect with me on social media:

I share both personal and professional updates, and I welcome you to join me on this journey as we grow and build together.

What Sets Me Apart

Legacy Advice Group and I are one and the same. As much as I’d like to say the business operates separately from me, the truth is that it doesn’t. This industry — like any business — demands time, energy, and attention to detail. Things don’t just happen on their own.

Because of that, every client relationship is personal to me. I don’t take a one-size-fits-all approach. Whether it’s reviewing your tax return in detail, helping you structure your business, or guiding you through a complex financial decision, my goal is to ensure you feel heard, understood, and supported.