Reporting under the CTA is on again! The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues. On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate…
BOI Reporting The landscape on the requirements for reporting under the Corporate Transparency Act has changed again. The requirement that companies report Beneficial Ownership Information (BOI)—details about people who are senior officials and/or own at least 25% of the company—to the U.S. Financial Crimes Enforcement Network (FinCEN) remains voluntary for…
Corporate Transparency Act Updates WHO’S ON FIRST? ANOTHER UPDATE ON THE CORPORATE TRANSPARENCY ACT New Reporting Deadlines and Ongoing Legal Drama On December 23, 2024, a federal appeals court granted a stay over the nationwide injunction issued by a federal court which flipped the requirements for filing around (again!). The…
Nationwide Injunction Halts CTA FinCEN Suspends Enforcement The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, has faced significant constitutional challenges, culminating in a nationwide injunction. As a result, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has suspended enforcement of the CTA’s reporting…
Corporate Transparency Act In a significant development, a Texas federal district court has issued a nationwide injunction temporarily blocking enforcement of the Corporate Transparency Act (CTA). This decision, handed down on December 3 in Texas Top Cop Shop, Inc. v. Merrick Garland (Case No. 4:24-cv-478), deems the CTA and its…
Corporate Transparency Act This is big reminder for every small business owner. Under U.S. Corporate Transparency Act (CTA), most corporations, limited liabilty companies and other legal entities, including homeowners’ associations (HOAs), condominium associations, and co-op associations, are required to file Beneficial Ownership Information (BOI) with the U.S. Financial Crimes Enforcement…
Corporate Transparency Act While Congress might have had worthwhile purposes in passing the Corporate Transparency Act, a section of the 2021 National Defense Authorization Act, it’s nonetheless unconstitutional, according to a federal judge’s summary judgment ruling in an Alabama case brought by the National Small Business Association (NSBA). The Act…