Nationwide Temporary Corporate Transparency Act Injunction
An important legal update regarding compliance with the CTA.
On December 3, 2024, a Texas-based federal court issued an order (1) determining that the Corporate Transparency Act (CTA) and related Reporting Rule regulations are likely unconstitutional, (2) prohibiting the federal government from enforcing the CTA and the Reporting Rule, (3) staying the compliance deadline so that reporting companies need not comply with the CTA’s January 1, 2025 BOI reporting deadline.
While this is an important development relevant to the millions of would-be Reporting Companies and Beneficial Owners, it is important note this is only a temporary injunction. It is possible that reporting obligations could be restored. If you have questions about the impact of the recent ruling or other developments involving the CTA, please contact your attorney.
Access the full opinion HERE.
