A brief update on the Corporate Transparency Act (CTA).
As of December 4, 2024, there’s still some uncertainty about whether the Government will appeal a recent decision made by a Texas U.S. District Court. On December 3, the court issued a preliminary injunction that suggests the CTA may not align with the Constitution. While this decision is significant, it’s also important to note that the court hasn’t made a final ruling on the law itself. For now, there’s no requirement to file a beneficial ownership report with FinCEN.
The court’s ruling has paused the enforcement of the CTA, and the filing deadline for January 1, 2025, is on hold nationwide.
We urge companies to pay attention to additional updates and proceedings.
Learn more about BOI e-filing on the FinCEN website.
View the Order cta-v-garland-district-court-opinion-preliminary-injunction.pdf.