We have previously reported about the Corporate Transparency Act and its regulations which have required United States companies to report ownership and related information to the Treasury Department before the end of 2024 (unless an exception applied). Here is a link to our previous Legal Briefing on the issue:
In a new development from December 3, 2024, this new Act/regulations were preliminarily enjoined by the U.S. District Court for the Eastern District of Texas. Here is a link to the decision blocking the new requirements, which applies nationwide and not just in Texas:
The litigation alleged that the Act/regulations were outside of Congress’s powers to regulate interstate and foreign commerce.
Please note that this decision is not final at this time as the injunction now in place is not permanent – and the court proceeding is still pending. For now, however, the compliance requirements are on pause.
We will keep you updated regarding forthcoming developments.
Our firm has extensive experience counseling individuals, businesses, and others on statutory and regulatory requirements, as well as preparing and implementing applicable policies and agreements. If you have any questions related to this Legal Briefing, please contact any member of our firm at 585-730- 4773.
This Legal Briefing is intended for general informational and educational purposes only and should not be considered legal advice or counsel. The substance of this Legal Briefing is not intended to cover all legal issues or developments regarding the matter. Please consult with an attorney to ascertain how these new developments may relate to you or your business. © 2024 Law Offices of Pullano & Farrow PLLC
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