CORPORATE TRANSPARENCY ACT AND BUSINESS OWNERS’ INFORMATION ARE BACK

​On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued an nationwide injunction that barred the Department of the Treasury and its FinCEN from enforcing the deadlines for non-exempt companies to register under the Corporate Transparency Act (CTA) and to file the Business Owners Information (BOI) forms with FinCEN  The Federal government appealed that decision to a higher court, the U.S. Court of Appeals for the Fifth Circuit.  On December 23, 2024, the U.S. Court of Appeals’ motion panel reversed the U.S. District Court’s issuing of the injunction, and it vacated the lower court’s injunction.  Thus, non-exempt companies had to register and file the BOI, but with new deadlines established by FinCEN.  However, on December 26, 2024, at approximately 8:15 PM, a new panel of the Fifth Circuit reversed the motions panel’s decision and reinstated the original injunction issued by the District Court. 
 
McGeehan Pascale, PLC will continue tracking this case for its clients.  Significant changes will be posted on its web site.  For now, no company is required to register or file the BOI.  For the clients that have registered and filed BOI, this does not affect you.