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ARTICLE · 09 JANUARY 2025

US Corporate Transparency Act: Status Update

Maples Group
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As we continue to provide updates on the latest developments regarding the US Corporate Transparency Act ("CTA"), since our last communication of 18 December 2024...

United StatesCorporate/Commercial Law
Daniel Grugan
Daniel Grugan
Edward L. Truitt Jr.
Edward L. Truitt Jr.
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As we continue to provide updates on the latest developments regarding the US Corporate Transparency Act ("CTA"), since our last communication of 18 December 2024, a number of significant events have taken place which may impact your compliance obligations under the legislation.

Timeline of Events

3 December 2024: The US District Court for the Eastern District of Texas issued a nationwide injunction on the CTA in connection with the case Texas Top Cop Shop, Inc. vs Garland.

5 December 2024: The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal and issued a statement which said: "In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with the Financial Crimes Enforcement Network ("FinCEN") and are not subject to liability if they fail to do so while the order remains in force."

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