corporate transparency act on hold

The Corporate Transparency Act (CTA) has been put on hold in a far-reaching order that prohibits the federal government from enforcing it anywhere in the country.

In its decision in the case (Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 [E.D. Tex.]) the court found that the law is likely unconstitutional. Among its requirements was an obligation for 32.5 million companies including small businesses to submit sensitive information regarding “beneficial owners” to the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2...