Federal Court Blocks Corporate Transparency Act Reporting Requirement
On December 3, a federal district court in Texas issued a nationwide preliminary injunction finding that the Corporate Transparency Act reporting rule and compliance deadline cannot be enforced.
As a result, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is no longer requiring companies to report certain personal information about its owner(s) before the January 1, 2025 statutory deadline.
Although reporting companies are no longer required to file a Beneficial Ownership Report, they are still permitted to do so. If the injunction is lifted, it may be necessary for companies who have not filed the report to comply on relatively short notice..
Contact our office today if you have questions about the status or future of the Corporate Transparency Act.