Breaking News: US District Court Issues Injunction Barring Enforcement of CTA

BREAKING NEWS: The United States District Court of Texas has just issued (12/3) a nationwide preliminary injunction barring enforcement of the Corporate Transparency Act (CTA).

What does this mean?
Under the CTA, companies were required to submit Beneficial Ownership Forms by the end of the year. The BOI reporting requirement mandates that a report with owner information be submitted for all businesses in existence in the United States starting in January 2024. The new court order bars enforcement of this deadline.

What should I do?
If you have not yet filed your Beneficial Ownership Form (BOI),you may wish to delay the filing until there is more information. Currently, the Financial Crimes Enforcement Network (FinCEN) which receives the BOI reports has not yet issued guidance in light of the injunction, but such a statement may be coming. We will keep you posted.In the meantime, it’s a good idea to prepare the information needed for the report should it need to be submitted.

Where can I find more information?
You can read the court’s decision in granting the injunction here. We expect the FinCEN to make a statement in the future.

If we can be of assistance to you, please reach out. We are only a phone call or e-mail away.