In an unexpected twist in the ongoing saga of the Corporate Transparency Act (CTA), the U.S. Court of Appeals for the Fifth Circuit has reversed its own decision that requires Reporting Companies to file information about their Beneficial Owners. After briefly lifting a nationwide block on the CTA’s implementation earlier this week, the Court reinstated the block yesterday. [Read the Court's decision here.]
What Does This Mean for Your Business?
This latest ruling once again halts the Beneficial Ownership Information (BOI) reporting requirements for companies covered under the CTA (i.e., Reporting Companies). It also nullifies the extended reporting deadlines previously announced by the Financial Crimes Enforcement Network (FinCEN). (For more details, see my earlier article from December 26, 2024.)
The suspension will remain in place while the Court reviews the Government’s appeal of the December 3, 2024, preliminary injunction.
Stay Informed
The legal journey of the CTA is far from over. As the case continues to unfold, Chenevert Law Group is here to keep you informed with the latest updates and insights. Stay tuned—we’ll be following this rollercoaster closely!
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