As a follow up to our blog post of December 5, 2024, as we indicated the U.S. District Court for the Eastern District of Texas in its decision Texas Top Cop Shop, Inc., et al., v. Garland, et al. halted the enforcement of the Corporate Transparency Act (“CTA”) reporting requirements. Today, the Financial Crimes Enforcement Network (“FinCEN”) acknowledged that mandatory reporting has been enjoined issuing a notice that states:
“While this litigation [Texas Top Cop Shop, Inc., et al., v. Garland, et al.] is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.”
For more information and updates see FinCEN’s website: https://www.fincen.gov/boi
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