As you may know, we have posted numerous updates on the pending litigation surrounding the Federal Corporate Transparency Act (“CTA”) and enforcement of the CTA by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).
After considerable back and forth in the last several weeks on whether the CTA Beneficial Owner Information filing deadlines should be stayed pending a federal district court’s decision on the constitutionality of the CTA, the United States Supreme Court has decided to lift the federal district court’s nationwide preliminary injunction inTexas Top Cop Shop, Inc. et al. v. Merrick Garland, Attorney General of the United States, et al. (EDTX 4:24-cv-478). However, a separate division of the Eastern District of Texas granted another nationwide preliminary injunction in Samantha Smith et al. v. United States Department of the Treasury et al. (EDTX 6:24-cv-336).
As of January 24, 2025, FinCEN has issued an alert on its website stating that it will be accepting voluntary submissions while the nationwide preliminary injunction is in effect.
