A federal district court in Texas has issued a nationwide preliminary injunction halting the enforcement of beneficial ownership reporting requirements under the Corporate Transparency Act (CTA).
The court determined that Congress overstepped its authority in enacting the CTA, ruling that it unconstitutionally infringes on states’ rights to regulate businesses. As a result, the court blocked FinCEN from enforcing the January 1, 2025, reporting deadline for all reporting companies.
While this ruling, issued on December 3, 2024, is likely to be appealed, the immediate implication is that businesses are not currently required to file beneficial ownership information reports with FinCEN.
We’ll continue to monitor developments closely and provide updates as they arise.
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