A federal judge’s Dec. 3 injunction against the Corporate Transparency Act (CTA) halted the landmark anti-money-laundering program just weeks ahead of its first filing deadline.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports on January 1 of this year, and gave companies that existed before that date through the end of 2024 to file them. Companies that were formed this year had “90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective,” a FinCEN press release said.

Now, that requirement’s been put on pause. Judge Amos Mazzant of the Eastern District of Texas said the CTA violates the federalist system by giving the feds the power to “monitor companies created under state law” and to end anonymous corporate ownership in states that have allowed it. Two days later, the government filed its notice of appeal to the Fifth Circuit.

What it means for CFOs. You don’t have to report—for now, at least. “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information,” according to FinCEN’s website. Your company will “not [be] subject to liability if they fail to do so while the order remains in force.” That said, FinCEN is happy to accept your voluntary filing.

Click here for more on what CFOs need to know about the Corporate Transparency Act.—GD

Here’s some data to dampen the holiday spirit. Salary growth has declined for the second year in a row, half of employees are under financial stress, and the pay gap for women is expanding, according to a survey released last week by software platform BambooHR.

The average annual salary increase fell to 3.6% this year from 4.6% in 2023 and 6.2% in 2022, based on the responses of 1,512 people Bamboo surveyed in September. That’s not counting the two in five salaried respondents who didn’t receive a pay increase at all.

Then there’s the widening gender pay gap. “Over the last few years, men have consistently reported receiving higher salary increases than women,” the report said, including this year, when the average raise for men was 4.8% to women’s 2.7%, the latter barely more than the 2.4% inflation rate in September, when the survey was taken. A smaller share of women even got a raise: 55% compared to 64% of men. No surprise, then, that more women reported being unhappy with their pay.

Respondents weren’t happy about the raises they were getting, either. Shrinking raises (among those getting them) were accompanied by a declining share of people who are happy with their compensation: 72% “fe[lt] positive emotions when describing their current financial compensation,” the report said, compared with 83% in 2022.

To keep reading, click here.—GD

There was a lot for CFOs to worry about this past year. So why not add to the crippling anxiety by asking about future worries? Let the existential dread set in and cue the maniacal laughter.

Gartner polled 250 CFOs and finance leaders who dialed into a recent webinar and found that attendees’ biggest concerns for next year were slower topline growth (selected by 19%) and talent attraction and retention (18%).

Other significant challenges that finance leaders identified included strategic alignment among executives (17%), cost increases (15%), and the quality of enterprise data (14%). Artificial intelligence and political and regulatory changes both netted high single-digit percentages. (Attendees were able to choose more than one concern.)

“Most CFOs think underlying market growth in their industries will be similar when comparing 2024 and 2025,” Alexander Bant, chief of research in Gartner’s finance practice, said in a news release. “However, three quarters of finance respondents said they are more focused on downside risk and cost containment in their scenario planning for 2025 budgets.”

For more on CFO concerns heading into 2025, click here. —AZ

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