Eversheds Sutherland Tax reposted this
On Dec. 3, a federal district court granted a nationwide preliminary injunction in favor of certain small businesses, ruling (1) the CTA is likely unconstitutional and should not be enforced, and (2) to stay all deadlines for companies to comply with the CTA, including the requirement that certain companies file reports with information about their beneficial owners by Jan. 1, 2025. - Last week, FinCEN filed motions to stay the preliminary injunction pending an appeal to the US Court of Appeals for the Fifth Circuit. - The Fifth Circuit has ordered that the parties fully brief the motion to stay by December 19, 2024, making it clear the Fifth Circuit intends to swiftly address the preliminary injunction. - Companies required to report under the CTA should closely monitor updates in the coming weeks and continue to gather their beneficial ownership information so that they are ready to promptly file if the nationwide preliminary injunction is lifted. #FinCEN #Litigation #DisputeManagement https://lnkd.in/eDDPYjZw
