In the latest development of the ongoing legal saga over the Corporate Transparency Act (CTA), the United States Supreme Court has allowed federal government to enforce the Corporate Transparency Act . The Court's January 23, 2024, decision stays the nationwide preliminary injunction from a Fifth Circuit US Court of Appeals that had temporarily blocked the law's enforcement, adding to the complex legal journey for this significant piece of financial regulation.
This decision empowers the Financial Crimes Enforcement Network (FinCEN), operating under the U.S. Department of the Treasury, to resume enforcement of the CTA's reporting requirements. The stay will remain in effect through two potential phases: first, until the full Fifth Circuit Court of Appeals reaches its decision on the preliminary injunction, and second, through any subsequent Supreme Court proceedings. The Fifth Circuit scheduled oral arguments for March 25. The Supreme Court did not reinstate the January 13, 2005, deadline for filing beneficial ownership reports.
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