The Corporate Transparency Act – The Saga Continues – What you need to know TODAY!
On December 3, 2024, the Federal District Court in Texas issued an injunction making it clear that limited liability companies and corporations were not required to register with the U.S. Treasury Department’s FinCEN. Entities were permitted to continue registering with FinCEN but the injunction raised questions as to the constitutionality of the new federal law and determined that pending further review, the obligation to register could not be mandated. The Department of Justice immediately asked the Court to stay the injunction which the District Court declined to do. The Justice Department filed an appeal with the Fifth Circuit Court of Appeals and on Monday December 23, 2024, the injunction was lifted. This means that entities are required to register with FinCEN under the law. REVISED DEADLINES: FinCEN recognized that the injunction which had been in effect for three weeks impacted many individuals and has decided to extend the deadline by
