CTA - The S Corporation Association

CTA Update | January 31, 2025

Notable Developments

FinCEN halts CTA enforcement
S-Corp Advisor in the WSJ
Our Latest Podcast with CIR Litigation Director
Delay Bill Reintroduced

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FinCEN Halts CTA Enforcement (Despite SCOTUS Ruling)

Last Friday the Financial Crimes Enforcement Network announced that businesses and covered entities are still not obligated to file under the CTA, so long as the ruling in Smith v. Treasury remains in place. Here’s the alert:

On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop …

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admin2025-01-31T19:32:08+00:00January 31, 2025|

Talking Taxes in a Truck Episode 40: Decoding the CTA Legal Fight with Caleb Kruckenberg

The Corporate Transparency Act enforcement has been on quite a roller coaster in the past two months, so Main Street businesses can be forgiven if they have lost track of their filing obligations. To help shed some light on the issue, we’re joined by Caleb Kruckenberg, the Center for Individual Rights’ Litigation Director. Caleb breaks down the latest rulings out of SCOTUS and the Texas Eastern District, the interplay between cases currently being appealed in the Eleventh and Fifth Circuits, additional challenges that have been filed across the country, and the Trump administration’s response.

This episode of Talking Taxes in a …

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admin2025-01-29T17:16:34+00:00January 29, 2025|

The Winds of Change (and Taxes)

The Senate confirmed Scott Bessent to run the Treasury Department yesterday, which means there’s a new sheriff in town. That’s good news for the millions of Main Street businesses targeted by the Biden Administration for higher taxes and more onerous regulations.

But Main Street didn’t have to wait for Bessent’s confirmation to see how the landscape has changed under Trump. We’ve already seen material differences that promise relief now and in the future.

Example one is their approach to Europe’s Pillar 2 minimum tax campaign. Pillar 2 is a poorly disguised effort by the EU to target large US multinationals …

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admin2025-01-28T17:22:04+00:00January 28, 2025|

CTA Filing Pause Still in Effect

Good news! While the Supreme Court yesterday sided with the federal government in striking down an injunction against the Corporate Transparency Act, FinCEN quickly stepped in with an announcement that the filing requirements remain on hold so long as a second ruling remains in place. Here’s the notice currently posted on FinCEN’s website:

On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal …

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admin2025-01-24T18:06:09+00:00January 24, 2025|

CTA Update | January 16, 2025

Notable Developments

S-Corp files amicus with SCOTUS
Main Street backs repeal bill
Second injunction issued

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SCOTUS Review Should Compel Administrative Relief

Last week the S Corporation Association filed an amicus brief with the Supreme Court urging retention of the nationwide injunction against the CTA. The brief was one of more than a dozen filed by the state attorneys general, trade associations, and other stakeholders, all of which can be accessed here.

With millions of affected businesses watching, now would be a perfect time for the incoming Trump administration to announce it will administratively delay filing under the CTA, thus …

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admin2025-01-16T18:57:07+00:00January 16, 2025|