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Update: Corporate Transparency Act Enforcement and Beneficial Ownership Reporting
Last week, we shared insights on the preliminary injunction halting the enforcement of the Corporate Transparency Act (CTA). The U.S. Department of Justice has since filed an appeal and we have new guidance from FinCEN on CTA enforcement, signalling the evolving BOI reporting requirements. DOJ Appeals the Injunction On December 5, 2024, the DOJ formally […]
Nationwide Injunction Halts Corporate Transparency Act: What It Means for Your Business
December 5, 2024Corporate Transparency Act (CTA) On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, temporarily suspending the enforcement of the Corporate Transparency Act (CTA). The decision in Texas Top Cop Shop, Inc. v. Garland pauses the requirement for businesses to report beneficial ownership information (BOI) to the Financial […]
New Reporting Requirements Under the Corporate Transparency Act (CTA)
November 5, 2024Corporate Transparency Act (CTA) As of January 1, 2024, the Corporate Transparency Act (CTA), part of the National Defense Authorization Act, has introduced new reporting requirements for certain entities, primarily small and medium-sized businesses. These entities must now report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). The CTA was enacted to prevent […]