Corporate Transparency Act Update

Please note that on December 26, 2024, a separate panel of the 5th Circuit Court of Appeals vacated the December 23, 2024, ruling and allowed the previously granted preliminary injunction to remain in effect. Thus, the CTA’s initial reporting deadline of January 1, 2025, remains stayed and will not be enforced against any entity until final resolution of the injunction.

To that end, on December 31, 2024, the Department of Justice sought a stay of the injunction pending the Supreme Court of the United States’ final ruling as to the CTA’s reporting deadline. FinCEN, a bureau of the U.S. Department of the Treasury, reports that it intends to comply with the injunction so long as it remains in effect. FinCEN advises companies that they may voluntarily submit beneficial ownership information reports despite the injunction.

Downey & Lenkov will keep you updated on any further developments.

Chicago, Illinois 312-377-1501 | Crown Point, Indiana 219-488-2590
Indianapolis, Indiana 219-488-2590 | Milwaukee, Wisconsin 414-758-3367

Chicago, Illinois

312-377-1501


Crown Point, Indiana

219-488-2590


Indianapolis, Indiana

219-488-2590


Milwaukee, Wisconsin

414-758-3367