On December 3, 2024 the Eastern District of Texas United States District Court issued an order prohibiting the federal government from enforcing the Corporate Transparency Act (CTA). The CTA requires companies to file a beneficial ownership information (BOI) report with the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). You can read more about the CTA and BOI reporting here.
It is expected that the government will appeal this decision to the U.S. Court of Appeals for the Fifth Circuit, and possibly to the U.S. Supreme Court.
HBK is not a law firm and cannot provide legal advice to our clients. We encourage all clients that are subject to the CTA reporting requirements to consult with their attorneys regarding the impact of this injunction and whether or not a BOI report should be filed.
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