The Chamberlain Hrdlicka Business and International Tax Blog provides updates, developments, and insights on business and international tax.
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Although the U.S. Supreme Court recently lifted the nationwide injunction in Texas Top Cop Shop, Inc. v. McHenry, companies are still not required to comply with the reporting requirements under the Corporate Transparency Act (“CTA”). A separate nationwide injunction issued in Smith, et al. v. U.S. Department of the Treasury remains in effect, blocking enforcement of the CTA’s reporting requirements. As clarified on the Financial Crimes Enforcement Network’s (“FinCEN”) website, compliance remains voluntary while the Smith injunction is in place.
Recent ...
The legal battle over the Corporate Transparency Act (CTA) continues, now before the U.S. Supreme Court. On December 31, 2024, the U.S. Department of Justice (DOJ) filed an emergency application to stay the nationwide injunction issued by the Eastern District of Texas. This injunction currently halts enforcement of the CTA and its beneficial ownership information (BOI) reporting requirements, leaving businesses in a state of uncertainty.
The Legal Battle So Far
The CTA has been subject to a series of back-and-forth rulings:
- December 3, 2024: The Eastern District of Texas issued a ...