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ARTICLE · 24 FEBRUARY 2025

UPDATE: Corporate Transparency Act (CTA) Is In Effect AGAIN

Taft, Stettinius & Hollister LLP
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On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government's motion to stay a nationwide injunction of the Corporate Transparency Act (CTA)...

United StatesCorporate/Commercial Law
Ian D. Arnold
Ian D. Arnold
Richard E. Aderman
Richard E. Aderman
Kimberly M. Copp
Kimberly M. Copp
Jason Covert
Jason Covert
Julie S. Pleshivoy
Julie S. Pleshivoy
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On Feb. 18, the U.S. District Court for the Eastern District of Texas granted the government's motion to stay a nationwide injunction of the Corporate Transparency Act (CTA) the court previously issued in the case of Smith, et al. v. U.S. Department of the Treasury, et al., (Case No. 6:24-cv-00336). As a result, the CTA is in effect again.

Given the issuance of the stay, the Financial Crimes Enforcement Network (FinCEN) has issued a notice – available here.

Per this notice, FinCEN has extended the reporting deadline for all reporting companies to March 21, 2025. During this period, FinCEN has indicated that it will assess its options to modify further deadlines and/or reporting requirements for lower-risk entities, including many U.S. small businesses, while prioritizing reporting for those entities that pose the most significant national security risks.

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