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Shafer Law Firm has previously informed our business clients of the reporting requirements of the Corporate Transparency Act.  In particular, we have attempted to notify clients of  the BOI filing due by January 1, 2025, which required the reporting of beneficial owners of “reporting companies” to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN.

Yesterday, December 3, 2024, the US District Court in the Eastern District of Texas granted a nationwide preliminary injunction which effectively temporarily blocks enforcement of the CTA and its reporting requirements in the United States.

Entities subject to the filing requirements, but which have not yet filed the BOI beneficial ownership report, are currently not required to do so.  Clients are advised to continue to monitor the situation as the current ruling is only a preliminary injunction, and not a final order, and is subject to appeal.

As always, if you have any questions regarding The Corporate Transparency Act and its reporting requirements as it pertains to your entity, please do not hesitate to reach out to your business attorney at Shafer Law Firm.