Advocacy Alert: Corporate Transparency Act blocked nationwide by Texas court
December 03, 2024
A federal judge in the Eastern District of Texas on Tuesday issued a nationwide injunction on the enforcement of the Corporate Transparency Act (CTA).
The ruling comes less than one month before the Jan. 1, 2025, deadline for companies formed prior to 2024 to report their beneficial ownership information (BOI) to the U.S. Treasury's Financial Crimes Enforcement Network.
The AICPA, FICPA and other state societies have consistently called for BOI reporting postponements until the court cases surrounding the CTA have been resolved.
The FICPA has been in close touch with FinCEN throughout the fall regarding BOI reporting deadlines, and we will continue to keep our members informed as this situation further develops.
We will likewise provide an update on next week's scheduled BOI Reporting Town Hall event in the days ahead.
You can read more on the court decision and find Judge Amos L. Mazzant III's opinion, courtesy of Bloomberg Tax, right here.