Corporate Transparency Act (“CTA”) Update
Earlier in December, a federal court in Texas issued an injunction putting a temporary hold on the enforcement of the filing requirements of all beneficial ownership reports to FinCen under the Corporate Transparency Act (“CTA”) until further notice. This legal action concerns the constitutionality of the reporting requirements for company beneficial owners under the Corporate Transparency Act.
The temporary suspension of the CTA requirements has been appealed by the government and could be lifted as soon as December 27, 2024. Therefore, companies may want to continue to voluntarily report at this time. You may report on FinCen’s website (linked below.)
This matter may be changing by the day. We encourage you to check news alerts and FinCen’s website for immediate updates: fincen.gov/boi.