On December 3, 2024, the US District Court for the Eastern District of Texas entered a nationwide preliminary injunction suspending enforcement of the Corporate Transparency Act (CTA) and its implementing regulations.
It is important to note that this is only a preliminary injunction and the court has not made a final determination that the CTA is unconstitutional.
What does this mean for you?
If you have already filed your BOI report, there is nothing further you need to do. Until further notice you will not be required to file updated reports if there are changes to the information regarding the beneficial owners.
If you have not yet filed your BOI report, you may suspend your compliance efforts until further guidance comes from the courts or from FinCEN. It is likely that the government will appeal this decision.
Although we will continue to monitor further developments regarding CTA compliance, we recommend that you do the same.
The case is Texas Top Cop Shop, Inc. v. Garland, Case No. 4:24-cv-00478. If you would like to review the court order, you can find it here:
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