Enforcement of Corporate Transparency Act Enjoined (Again); Compliance Deadlines Temporarily Suspended
Dec 27, 2024 In another surprising turn of events, the Fifth Circuit Court has now vacated the stay that was put into effect on December 23, 2024 that reinstated enforcement of the Corporate Transparency Act (CTA). On December 26, 2024, the Court reinstated the preliminary suspension of reporting requirements under the CTA. The Court issued […]
Urgent Corporate Transparency Act (CTA) Update: Fifth Circuit Reinstates Enforcement of CTA and FinCEN Voluntarily Extends Compliance Deadline to January 13, 2025
Dec 24, 2024 On December 23, 2024, the United States Court of Appeals for the Fifth Circuit reinstated the enforceability of the CTA which, by implication, meant that the January 1, 2025 filing deadline for “reporting companies” formed prior to January 1, 2024 was also reinstated. FinCEN responded swiftly yesterday afternoon to extend […]
THE CORPORATE TRANSPARENCY ACT HAS BEEN BLOCKED NATIONWIDE (FOR NOW) BY A TEXAS FEDERAL COURT
Dec 5, 2024 As we addressed in our October, 2024 client alert (Link to Article), the Corporate Transparency Act (“CTA”) represents the effort of Congress to end anonymity of ownership of corporations, limited liability companies and certain other entities (“Reporting Companies”) as a means to combat the use of such Reporting Companies for providing a […]
YOU MAY BE REQUIRED TO REPORT UNDER THE CORPORATE TRANSPARENCY ACT
On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of Division F of the National Defense Authorization Act for Fiscal Year 2021 which is referred to as the Anti-Money Laundering Act of 2020. All reporting companies are mandated to submit to the Financial Crimes Enforcement Network (“FinCEN”) (a part of […]