The Chamberlain Hrdlicka Business and International Tax Blog provides updates, developments, and insights on business and international tax.
Popular Topics
Chamberlain Hrdlicka Blawgs
On December 26, 2024, the Fifth Circuit Court of Appeals vacated its December 23, 2024 stay of the preliminary injunction against the Corporate Transparency Act (CTA), reinstating the nationwide injunction issued by the Eastern District of Texas. As a result, reporting companies are once again not required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) while the injunction remains in effect. FinCEN has issued a statement confirming this development, and reiterating, consistent with its position prior to the ...
On December 23, 2024, the Fifth Circuit Court of Appeals granted the government’s emergency motion to lift the nationwide injunction against the Corporate Transparency Act (CTA). This decision reinstates the CTA’s reporting requirements for beneficial ownership information (BOI). In response, the Financial Crimes Enforcement Network (FinCEN) has issued new guidance, including extended filing deadlines to account for the time the injunction was in effect.
Key Update from FinCEN – Extended Filing Deadlines
- Pre-2024 Reporting Companies: Entities created or ...
With the year-end deadline looming for more than thirty million entities to file beneficial ownership information (“BOI”) reports with the Financial Crimes Enforcement Network (“FinCEN”) under the Corporate Transparency Act, 31 U.S.C. § 5336 (the “CTA”), a significant development has occurred. On December 3, 2024, a federal district court in the Eastern District of Texas issued a nationwide injunction on the CTA and its filing deadline in Top Cop Shop v. Garland et al., Case No. 4:24-cv-00478.
What Does this Ruling Say?
The CTA is preliminarily enjoined and cannot be ...