On December 23, 2024, the Fifth Circuit Court of Appeals stayed the United Stated District Court for the Eastern District of Texas’ preliminary injunction, which blocked enforcement of the Corporate Transparency Act (“CTA”) nationwide. Specifically, the Court of Appeals found that it is in the “public’s urgent interest in combating financial crime and protecting our country’s national security.”
Although the CTA has been reinstated, its prior deadline of December 31, 2024, has been pushed to January 13, 2025. Companies who qualify as “reporting entities” must file by January 13, 2025, or face significant penalties.
All existing entities should ensure they are complying with the CTA. Frier Levitt can assist entities determine whether or not they fit into one or more exemptions, and if the entity is required to report, who constitutes a Beneficial Owner. Contact us for assistance
