CTA Update: U.S. Companies Off the Hook, Foreign Companies Still Required to Comply
The Financial Crimes Enforcement Network has issued an interim final rule that removes the obligation for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Now, only foreign entities registered to do business in the U.S. must comply, but they are not required to report U.S. persons as beneficial owners.
Corporate Transparency Act (CTA) Beneficial Ownership Reporting is Back for the Time Being
On February 18, a federal court lifted the remaining injunction blocking enforcement of the Corporate Transparency Act (“CTA”), previously discussed in our prior alerts.
Court Reverses Course: Beneficial Ownership Information Reporting Halted, Again
In rapid fashion, the Fifth U.S. Circuit Court of Appeals has reinstated a nationwide injunction that had been issued earlier this month by a federal judge in Texas that concluded the Corporate Transparency Act (CTA) was likely to be found unconstitutional.
Corporate Transparency Act Beneficial Owner Information Reporting Reinstated
On December 23, 2024, the Fifth Circuit Court of Appeals issued an order granting a stay of the December 3rd nationwide injunction against the Corporate Transparency Act (CTA) previously issued by the U.S. District Court for the Eastern District of Texas and discussed in our prior alert. The Fifth Circuit’s ruling results in an immediate reinstatement of the CTA’s beneficial ownership reporting requirements.
Corporate Transparency Act Beneficial Owner Reporting Halted
The U.S. District Court for the Eastern District of Texas has issued a preliminary injunction nationwide against the enforcement of the Corporate Transparency Act (“CTA”).