This development marks another chapter in the rollercoaster saga regarding the challenges to the implementation and enforcement of the CTA.
In light of a December 23, 2024, federal Court of Appeals decision, reporting companies are once again required to file beneficial ownership information with FinCEN.
Following the nationwide preliminary injunction barring enforcement of the Corporate Transparency Act, FinCEN has issued guidance on filing BOI Reports.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act.
Despite multiple litigation matters challenging the constitutionality of the Corporate Transparency Act, and legislative and other pushback to the CTA, compliance is still the prudent option.
The Small Business Association of Michigan filed suit in challenging the constitutionality of the Corporate Transparency Act.