We want to share an important update regarding the Corporate Transparency Act (CTA). A Texas federal court has issued a nationwide injunction that temporarily blocks the enforcement of the act, including the January 1, 2025, deadline for reporting beneficial ownership information (BOI).
This court order, issued in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S. Attorney General), means that companies are not currently required to comply with any CTA requirements until the court issues a final order.
What This Means for You
- If Your Reports Are Already Filed: No further action is required.
- If Your Reports Have Not Yet Been Filed: We are temporarily pausing the filing of new reports while enforcement of the CTA remains on hold.
Ongoing Legal Process
This injunction is a preliminary order, meaning it could be appealed, modified, or lifted as the case progresses. A judge will hold a hearing on the temporary restraining order, and we are closely monitoring the situation for updates.
Next Steps
We will continue to provide updates as the case develops. For clients who are working with us to file their CTA reports, we will reach out directly if any changes impact your filing requirements.
If you have not engaged us for CTA filings but have questions about how this impacts your business or compliance obligations, please don’t hesitate to contact our office at 406-449-4829 or https://mttaxlaw.com/contact/.