Earlier this month, a Texas federal judge issued a nationwide injunction against the heinous and unconstitutional Corporate Transparency Act (CTA), which required burdensome reporting for many types of entities, even non-business entities created f0r family estate planning.
Yesterday, on December 23, 2024, the Fifth Circuit Court of Appeals issued a stay of the preliminary injunction. In light of the Fifth Circuit’s ruling, the Financial Crimes Enforcement Network issued an alert that reporting companies are once again required to file beneficial ownership information reports, but the deadline has been extended. Reporting companies that existed before January 1, 2024 now have until January 13, 2025 to file their reports.
The squishy approach is to go ahead and comply by the new deadline.
Others may recognize that because this law was passed over Trump’s veto and is oppressive in so many ways to families and businesses and is actually a threat to ordered liberty in this country, Trump will probably not enforce it and likely will seek its repeal.
