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Corporate Transparency Act (CTA)
CTA Injunction reinstated. Dated December 26, a US Federal Court panel at the Fifth Circuit Court of Appeals, has reinstated a nationwide injunction blocking enforcement of the Corporate Transparency Act (the "CTA").
While the CTA had an original deadline of January 1, 2025 (extended by FinCEN to January 13), the most active case to date has been Texas Top Cop Shop Inc. v. Garland (U.S. District Court for the Eastern District of Texas Case No. 4-24-cv-00478), which has questioned the constitutionality of the CTA and has halted the deadline for filing. At this point, we continue to monitor the case and associated developments and expect oral arguments may occur in March 2025.Your CTA obligations
Please note that we are unable to advise you of the impact of the CTA without being specifically instructed and engaged to undertake an assessment on your behalf. Please speak to your usual Withers' contact, or click the button here and a member of the team will be happy to help. For further regulatory information, click here.
VIDEO
Corporate Transparency Act: What business owners, directors and trustees need to know about their privacy
The US Corporate Transparency Act (CTA) is an addition to the Bank Secrecy Act that takes effect in January of 2024, and the goal of the CTA is to disclose beneficial ownership and control of companies. It requires a significant number of US businesses formed with secretaries of state to file reports with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) from January 2024.
Resources: How will the CTA impact you?
Meet our CTA team
William J. Kambas
Partner | New York
Jaime McLemore
Partner | London
Ivan A. Sacks
Partner | New York
Elizabeth A. Bawden
Partner | Los Angeles
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