* ANOTHER IMPORTANT CTA UPDATE *
December 27, 2024
In the ongoing saga, or shall we say ping pong tournament, pertaining to the constitutionality of the Corporate Transparency Act, 31 U.S.C. § 5336 (CTA), yesterday, the Fifth Circuit Court of Appeals vacated its decision from Monday that suspended the District Court’s order enjoining enforcement of the CTA. Texas Top Cop Shop, Inc., et al v. Garland et al, No. 24-4-792 – Doc 160-2 (December 26, 2024).
As a result, at least for now, companies again are no longer required to comply with the CTA’s regulations and to report details of their beneficial ownership.
Nonetheless, FinCEN does continue to allow voluntary reporting on its site: https://boiefiling.fincen.gov.
As always, stay tuned. The appeal is still pending before the Fifth Circuit, and no matter the result, the losing party will almost assuredly appeal to the U.S. Supreme Court.
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Note: While our office does not handle the above filings directly, we can connect you with a company that does.
