The Fifth Circut Court of Appeals has reinstated the nationwide injunction of the Corporate Transparency Act (CTA). The Fifth Circuit merits panel overturned the December 23rd stay of the injunction of the Corporate Transparency Act. This means the injunction of the Act will remain in place, and businesses will not have to comply during the pendency of the appeal.
A Federal District Court has issued an injunction on the Corporate Transparency Act, which has enjoined the Treasury Department from enforcing the Act and the Reporting Rule on a nationwide basis.
Reporting Companies will not need to comply with the January 1, 2025 BOI (Beneficial Ownership Information) reporting deadline, pending further order of the Court. That being said, the matter has yet to be resolved, and the Treasury Department still has procedural remedies for the injunction available.
For further information on the injunction and the impact on the CTA click here. Make sure to check out the Legislative Updates section of kkue.com for Important Information and insight on major new legal developments.
Please contact your Kemp Klein Law Firm Attorney or email us at [email protected] if you have any additional questions regarding your company’s reporting obligations or to discuss the process of compliance. Standard Billing Rates will apply.
