Corporate Transparency Act (Update)

Source: PilieroMazza

In response to the preliminary injunction, the U.S. Department of Justice (DOJ) filed a Notice of Appeal with the U.S. Court of Appeals for the Fifth Circuit on December 5, 2024. The Financial Crimes Enforcement Network (FinCEN) also issued an alert with the following guidance:

FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.

This confirms that FinCEN is complying with the injunction and will not require any BOIR filings until the injunction is stayed or overturned by the Fifth Circuit.

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