Corporate Transparency Act Update

Corporate Transparency Act (CTA) injunction reversed

****Important Update****
The Injunction has been reinstated and and the Financial Crimes Enforcement Network (FinCEN), who is charged with enforcing this, issued formal notice that businesses do not have to file until the court case is settled. 

Guidance can be found here. 

Pending an expedited appeal, the U.S. Court of Appeals for the Fifth Circuit has temporarily reversed the nationwide injunction on requirements set forth in the Corporate Transparency Act (CTA) that was issued by a federal court in Texas earlier this month. As a result, the CTA's beneficial ownership reporting deadline has been temporarily reinstated, which the Treasury Department has extended to January 13th. 
 
More information regarding the decision from the U.S. Chamber of Commerce can be found at this link, and more information regarding the beneficial ownership reporting requirements can be found at this link. Please don't hesitate to contact our team if you have any questions or need additional information. 

Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000.