On December 3, 2024, a nationwide injunction was issued in the matter of Texas Top Cop Shop, Inc. v. Garland, No. 4:24-cv-478 (E.D. Tex. Dec. 3, 2024) preventing enforcement of the reporting requirements of the Corporate Transparency Act (CTA). On December 6, 2024, the Financial Crimes Enforcement Network (known as “FinCEN”) suspended reporting while the injunction remains in effect.
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In January 2021, the United States Congress passed the 2021 National Defense Authorization Act (the “NDAA”), which includes a chapter establishing beneficial ownership reporting requirements for certain companies nationwide. This chapter is known as the Corporate Transparency Act (the “Act’), which goes into effect in the new year. As the effective date is fast approaching, you may have recently heard rumblings of this Act...
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