Indiana Business Law Blog
We have written previously about the effects that ongoing litigation in Texas Top Cop Shop, Inc. v. Garland, has had on the reporting requirements established by the Corporate Transparency Act. For more information on the CTA and Beneficial Ownership Information (BOI) reporting requirements check out this post. For other blogs related to Texas Top Cop look here.
As the situation changes, and rather than continue to post blog after blog on the current status of the BOI reporting requirements, all updates will live on this post for now. As we endeavor to provide updates as soon as possible in one central location, please be aware that there may be delays. If you would like our office to file the BOI on behalf of your business, please contact our office.
Current status of CTA Reporting Requirements: MANDATORY (Updated: 02/21/2025)
Most recent updates first:
February 21, 2025: On February 18, 2025, the District Court for the Eastern District of Texas lifted the stay of the nationwide injunction issued in Smith v. Department of the Treasury pending the appeal in that case. At this time, no nationwide injunctions to the enforcement of the CTA are currently in force. Reporting required. FinCEN has issued a notice that most reporting companies have until March 21, 2025, to file their BOIRs. FinCEN has also issued a notice indicating that they will reassess the reporting rules to reduce the burden on small businesses.
January 23, 2025: The United States Supreme Court has granted a stay of the nationwide injunction issued in Texas Top Cop, however a separate nationwide injunction is still in place issued by a separate Texas federal judge in Smith v. U.S. Department of the Treasury. Reporting remains voluntary
December 26, 2024: Fifth Circuit Court of Appeals reinstates nationwide preliminary injunction on the basis of preserving the constitutional status quo during the expedited appeals process. Reporting voluntary.
December 23, 2024: Nationwide preliminary injunction lifted by judge panel of the Fifth Circuit United States Court of Appeals. Reporting required. FinCEN extends deadlines to January 13, 2025 for most existing companies, other deadlines may apply for those created during the period of the stay.
December 10, 2024: Financial Crimes Enforcement Network (FinCEN) issues statement that reporting is voluntary during the period of the preliminary injunction. Reporting voluntary.
December 5, 2024: Eastern Texas District Court denied the Treasury Department’s request to stay the nationwide preliminary injunction. Treasury Department files notice of appeal. Reporting not required.
December 3, 2024: Eastern Texas District Court rules that the CTA is likely unconstitutional and issues a nationwide preliminary injunction prohibiting enforcement of the reporting requirements under the CTA. Reporting not required.
We will update this article as we learn more.
For more information or to schedule a consultation, please contact Harshman Ponist Smith & Rayl, LLC today.