For those following tax law, the news story of the holidays wasn’t Elon Musk feuding with the MAGA movement, or President Joe Biden commuting the sentences of almost all of the prisoners on federal death row. It was the drama over the Corporate Transparency Act. After reversals and appeals, the CTA—which would require companies to report information about who ultimately owns and controls them to the federal government—is right now on hold, pending a final ruling on a court case whether the law is unconstitutional.

But there were some headspinning reversals in the weeks between the Christmas holiday and today. The requirement in the law for companies to file beneficial ownership information with the federal government, which had been put on hold by a federal judge at the beginning of December, was taken off hold on December 23 by the U.S. Fifth Circuit Court of Appeals. And then put back on hold on December 26 by the same court “in order to preserve the constitutional status quo” while the panel considers all of the arguments that had been presented in order to make its ruling.

Forbes’ Kelly Phillips Erb has been following all of the drama about the controversial law since it was passed by Congress in 2021. And she wrote about the latest wrinkle: The Justice Department asked the Supreme Court last week to get rid of all of the pauses on enforcing the law as the case works its way through the judicial system.

The Supreme Court has yet to respond, but it may not matter. The CTA became law as part of the National Defense Authorization Act for FY 2021, which had been vetoed by then-President Trump and saw a Congressional veto override in the waning days of his first term. Trump’s veto had more to do with issues he had with defense-related provisions, but he likely is not a fan of a law that forces more business regulation. Once he becomes president, Trump could withdraw the appeals, choosing not to fight as hard to bring the law to life. And while he cannot unilaterally do away with a law passed by Congress, enforcing it probably will not be a priority.

However, there is the possibility that the courts could rule in favor of the CTA, and Congress could pass laws to prioritize its enforcement. Right now, though, the CTA is a huge question mark. And as Erb points out, there are plenty of other not-yet-known wrinkles in tax law that can be expected this year.

One known financial issue coming up this year is employee health insurance, a cost that has risen faster than inflation for decades, and can currently be as much as a company’s profit margin. I talked to Nick Reber, CEO of employer benefit provider Garner Health, about what CFOs need to know about health insurance. An excerpt from our conversation is later in this newsletter.

Nvidia CEO Jensen Huang's keynote address at the Consumer Electronics Show 2025 in Las Vegas.

While 2024 was a banner year for the stock market, 2025 is off to a much slower start.

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