The Corporate Transparency Act saga took a welcome turn yesterday after a Fifth Circuit Court panel reinstated the nationwide injunction against the statute.

As a result of the order, Main Street businesses are not required to comply with the Corporate Transparency Act’s reporting requirements until the Fifth Circuit is able to more fully consider the injunction and the underlying merits of the legal challenge. The key paragraphs from that ruling are below:

On December 3, 2024, the district court entered an order enjoining enforcement of the Corporate Transparency Act and its corresponding Reporting Rule. The Government requested a stay of the …

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It’s far short of the one-year delay S-Corp was seeking, but businesses covered by the Corporate Transparency Act received a small stocking stuffer yesterday, courtesy of the Treasury Department.

Following the unfavorable ruling by the Fifth Circuit which reinstated the Corporate Transparency Act, the Financial Crimes Enforcement Network (FinCEN) has extended the general CTA filing deadline two weeks, until January 13^th.  According to the notice posted on the FinCEN website:

Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would …

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An appellate court today ruled in favor of the federal government in reversing a nationwide injunction against the Corporate Transparency Act. The decision means that the CTA’s reporting requirements are now back in full effect, giving the approximately 20 million entities who have not yet submitted their filings just a few days to do so.

The injunction that’s currently in place was ordered by a Texas court which found that the CTA is “likely unconstitutional” and that Congress went beyond its authority in enacting the statute. The government quickly requested that the injunction be stayed pending a final ruling.

In …

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Today more than 100 trade associations joined with S-Corp in asking lawmakers to pass a Continuing Resolution bill that includes language delaying the Corporate Transparency Act’s reporting deadline. The effort was mounted following reports that some House members were seeking to strip the provision from the broader package, a move that would needlessly expose millions of law-abiding business owners and employees to stiff fines and penalties.

As the letter makes clear, a one-year delay is critical and would provide much needed relief and certainty to businesses, give federal regulators more time to execute affected entities, and allow various legal challenges …

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Big news for S corporations and other businesses covered by the Corporate Transparency Act – draft text of the negotiated legislation, which was released earlier today, includes a one-year delay of the Corporate Transparency Act’s (CTA) reporting requirements.

That means many businesses covered by the CTA – specifically those that existed prior to 2024 – will have an extra year to file their Beneficial Ownership Information reports. It’s a commonsense approach that S-Corp and its allies have pushed for over the last several years and, if enacted this week, will give 30 million businesses some much needed certainty heading …

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