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The Corporate Transparency Act (CTA) which requires specific business entities to file Beneficial Ownership Information (BOI) by January 1, 2025, has been preliminarily blocked nationwide as of December 3, 2024, by a Texas federal court. The ruling ordered a nation-wide preliminary injunction suspending enforcement temporarily. As a result, "reporting companies need not comply with the CTA’s January 1, 2025, [beneficial ownership information] reporting deadline pending further order of the Court" and FinCEN cannot enforce any of the CTA’s penalties for willful noncompliance against entities or individuals. The Department of Justice has filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit. Further appeals could take it to the Supreme Court. Companies impacted by this matter should keep apprised of the status of the rulings on this case and the filing requirement.

Related Links Corporate Transparency Act (CTA) Enforcement On Hold After Court Ruling - The National Law Review, December 11, 2024 FinCEN: CTA Is Voluntary (for Now) - Forbes.com, December 9, 2024 Corporate Transparency Act Blocked Nationwide by Texas Court - bloombergtax.com, December 3, 2024 LLCs required to file new Beneficial Ownership Information (BOI) report by January 1, 2025 - Pinedale Online! November 18, 2024