Here we go again! The Fifth Circuit Court of Appeals has issued a nationwide injunction blocking enforcement of the Corporate Transparency Act's (CTA) beneficial ownership reporting requirements, marking another shift in the law's implementation status. This latest ruling suspends – at least temporarily – the obligation of small businesses and other entities deemed "reporting companies" to report ownership information to the Financial Crimes Enforcement Network (FinCEN) while the court reviews the government's appeal. The decision continues a series of rapid legal changes in December 2024, when the Eastern District of Texas initially blocked the requirements, followed by a Fifth Circuit ruling from a panel of judges that temporarily restored FinCEN's enforcement authority. The current injunction reflects the full Fifth Circuit court's need to evaluate competing priorities: the government's law enforcement objectives versus the regulatory impact on small businesses. The temporary pause allows for more thorough consideration of these factors during the appeals process. This ongoing legal battle holds significant implications for federal authority over private business ownership reporting requirements. The ultimate ruling could reshape how regulators collect corporate transparency data and affect compliance obligations for millions of small US businesses nationwide.

The Corporate Transparency Act is once again enforceable. A trial court injunction stopping enforcement of the Corporate Transparency Act (CTA) (and its Beneficial Ownership Information (BOI) reporting requirements) has been lifted by a federal appeals court. As a result, business entities must report their BOI information to FINCen promptly. While a preliminary injunction from a trial court had temporarily suspended the January 1, 2025 deadline, the U.S. Court of Appeals for the Fifth Circuit has now reversed this decision, effectively reinstating the original compliance deadline.

As an estate planning attorney, I've witnessed countless family transitions, but few offer as many teachable moments as the recent developments within the Murdoch media empire. The public challenges faced by Rupert Murdoch and his children during their court proceedings provide valuable lessons for families of all asset levels about the importance of thoughtful succession planning. The Murdoch situation highlights a fundamental truth: even with access to the world's best legal minds and resources, family business succession can become complicated when emotions and expectations collide with business realities. Please read the full article for a look at important lessons that every family business should consider when planning their estate.