Back In The Saddle Again! The CTA Saga Continues...
Posted: February 19, 2025
A judge in the U.S. District Court for the Eastern District of Texas issued an injunction on January 7, 2025 in Smith, et al. v. U.S. Department of the Treasury, et al., which halted the enforceability of the Corporate Transparency Act (CTA) with nationwide effect.
The US Supreme Court subsequently stayed the injunction on the CTA in the Texas Top Cop Shop case.
The Smith court has now stayed the injunction in that case as of February 18, 2025, citing the decision of the Supreme Court in the Texas Top Cop Shop case.
FinCEN had previosly stated it would provide 30 days for companies to report if the injunction was lifted. Following the Smith injunction stay, FinCEN confirmed, the new deadline for companies to file their BOI reports is March 21, 2025.
At the same time, the current administration has been making waves with sweeping changes in the government. Will FinCEN become a target for change and enforcement of the CTA suspended?
Also in play, the House of Representatives unanimously passed a bill on February 12, 2025 that would extend the filing deadline to January 1, 2026 for reporting entities that existed before January 1, 2024 and sent it on the senate for review.
The US Supreme Court subsequently stayed the injunction on the CTA in the Texas Top Cop Shop case.
The Smith court has now stayed the injunction in that case as of February 18, 2025, citing the decision of the Supreme Court in the Texas Top Cop Shop case.
FinCEN had previosly stated it would provide 30 days for companies to report if the injunction was lifted. Following the Smith injunction stay, FinCEN confirmed, the new deadline for companies to file their BOI reports is March 21, 2025.
At the same time, the current administration has been making waves with sweeping changes in the government. Will FinCEN become a target for change and enforcement of the CTA suspended?
Also in play, the House of Representatives unanimously passed a bill on February 12, 2025 that would extend the filing deadline to January 1, 2026 for reporting entities that existed before January 1, 2024 and sent it on the senate for review.
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