On December 3rd, the US district court in Texas found that the Corporate Transparency Act (CTA) is likely unconstitutional. This decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and the BOI reporting requirement.

The Financial Crimes Enforcement Network (FinCEN), which enforces the CTA, is reviewing the order. Although the injunction bars FinCEN from enforcing the BOI filing requirement while the case is pending, the filing deadlines are technically still in effect.

Please note the filing deadline is 12/31/2024 (our last newsletter sent on Nov 29th had the date incorrectly recorded as 12/31/2025)

Although the decision to file or not file is yours, in our opinion, it is still advisable to complete the BOI filing requirement by the 12/31/2024 deadline. The filing process is simple (10-15 minutes), free (if you do it yourself) and harmless (you are providing basic data along with an upload of your driver's license or passport).

We will provide further updates as they develop on this topic