We are still gathering some information on this decision, but the US District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA).  This case questioned the CTA’s constitutionality and its impact on small business.  This will most likely result in a long legal battle but could potentially mean some big changes.  At this point, the January 1, 2025 reporting deadline is delayed until higher courts make decisions after appeals are filed and heard.  If you have already filed your beneficial owners, no action is required.  If you have not filed, you can delay filing at this time but maintain any beneficial ownership information you collected.  Depending on higher court decisions, the enforceability of the CTA could possibly be reinstated in the future.

We will update you as we receive any further information on the CTA cases and its enforceability.