On December 3, 2024, in the case of Texas Top Cop Shop, Inc. et al. v. Merrick Garland, Attorney General of the United States, the U.S. District Court for the Eastern District of Texas issued a preliminary nationwide injunction which temporarily halts enforcement of the Corporate Transparency Act (CTA) and its upcoming January 1, 2025 reporting deadline. As a result, reporting companies are not currently required to meet the CTA’s January 1, 2025 reporting deadline, pending further developments in the case.
The Court stated: “[T]he CTA, 31 U.S.C. § 5336 is hereby enjoined. Enforcement of the Reporting Rule, 31 C.F.R. 1010.380 is also hereby enjoined, and the compliance deadline is stayed under § 705 of the APA. Neither may be enforced, and reporting companies need not comply with the CTA’s January 1, 2025, BOI reporting deadline pending further order of the Court.”
Attorneys at Wolfson Bolton Kochis PLLC continue to monitor developments regarding the CTA’s implementation. Please contact Amy H. Smith ([email protected]) for more information.
