On January 23, 2025, the Corporate Transparency Act (“CTA”) was one more time scrutinized, this time by the U.S. Supreme Court, which struck down a recent Texas district court order that had banned CTA’s enforcement. However, the Supreme Court’s ruling was only directed at one court and another ban by another court still remains in effect.
Now since the Supreme Court has spoken on the issue, that ban could soon be lifted too in order to conform with the decision of the high court.
This means that Beneficial Owner Information (“BOI”) reporting, while still unenforceable, could soon become enforceable once again, while courts consider its constitutionality. As of this date, the Financial Crimes Enforcement Network (“FinCEN”) has acknowledged that it remains unenforceable.
If you believe your entity may be subject to the CTA and its BOI Reporting Rule, please discuss with your attorneys and monitor our blogs and emails for new developments on the issue, because you may have to file the information on an expedited basis. For additional background information, please refer to our former posts on the subject here.
This article is informational only and meant to provide guidance. It is not meant to be legal advice and it does not create an attorney-client relationship. For what to do in your specific situation, please consult with a qualified Construction Law attorney.
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