Notable Developments

1. Government digs in
2. Vivek blasts CTA
3. Congress working on delay
4. CNBC highlights CTA “awareness” gap

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Legal Update

Just two days after the U.S. District Court for the Eastern District of Texas issued a nationwide injunction of the CTA, the federal government appealed the decision. The case now heads to the Fifth Circuit Court of Appeals, though no word yet on when we might see a ruling.

As noted earlier, the ongoing legal battle – which will likely bleed into 2025 – makes it even more critical that an official delay be enacted. Without one, we could see an outcome …

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The national injunction on CTA filing imposed by the Eastern District of Texas Court Tuesday provides millions of business owners with a good possibility – but just a possibility – of permanent relief from this poorly thought-out law.

With the year-end filing deadline looming, where do things stand?

1. The DOJ filed an appeal to get the injunction lifted last Thursday, December 5^th. No word on when the 5^th Circuit might rule. Will it come before or after the end of the year?
2. FinCEN meanwhile posted a notice on its BOI landing page that it would comply with the …
   
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For the Main Street business community, it looks like Christmas has come early. With less than a month to go before the Corporate Transparency Act’s year-end filing deadline, a federal court today issued a nationwide injunction that halts enforcement of the new reporting regime. It’s a massive win for the more than 33 million businesses who are currently subject to the onerous disclosure rules, many of which had no idea they could be starting the new year as de facto felons.

That positive outcome was secured by our good friends at the National Federation of Independent Business who, alongside …

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Notable Developments

1. Senator Lankford pushes delay via NDAA
2. CTA enforcement under Trump administration?
3. Oregon plaintiffs file suit
4. Op-eds highlight CTA’s fatal flaws

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Legislative Update

Senator James Lankford (R-OK), a cosponsor of the Senate’s version of the CTA delay bill that overwhelmingly passed the House last year, is doubling down on his efforts to advance relief for the Main Street business community. As he posted on X.com on Monday:

The Beneficial Ownership Information reporting requirements (aka a new registry) for small business owners are unclear and overly broad. They are due on January 1, 2025, but I am pushing …

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Notable Developments

1. Lawmakers ramp up pressure on FinCEN
2. Revisiting compliance cost estimates
3. Trump officials slam CTA
4. FinCEN offers limited filing relief
5. Physicians join the legal fight

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Legislative Update

Last week more than 40 lawmakers sent a letter to FinCEN requesting a one-year delay of the CTA’s fast-approaching reporting deadline. The effort was led by Congresswoman Lisa McClain (R-MI) and cites ongoing concerns over the lack of awareness among affected businesses when it comes to their new compliance obligations, the confusion surrounding several ongoing legal challenges, and other critical issues.

As we wrote in a recent post, the letter helps …

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