{"id":4738,"date":"2024-12-16T14:32:10","date_gmt":"2024-12-16T15:32:10","guid":{"rendered":"https:\/\/taxlogicians.com\/?p=4738"},"modified":"2024-12-17T07:26:14","modified_gmt":"2024-12-17T08:26:14","slug":"has-the-cta-been-over-ruled-copy-2","status":"publish","type":"post","link":"https:\/\/taxlogicians.com\/fr\/has-the-cta-been-over-ruled-copy-2\/","title":{"rendered":"Part II: Has the CTA been over-ruled ? &#8211; Injunction Time"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"4738\" class=\"elementor elementor-4738\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41fa401e e-flex e-con-boxed e-con e-parent\" data-id=\"41fa401e\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5440127d elementor-widget elementor-widget-text-editor\" data-id=\"5440127d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>At present (December 16, 2024), compliance with the Corporate Transparency Act is <span style=\"text-decoration: underline;\"><strong>not<\/strong><\/span> required. Compliance, in the form of filing beneficial owner reports, may be done on a voluntary basis.<\/p>\n<p>\u00a0<\/p>\n<p>This change is a result of a recent US federal district court decision which issued a nationwide injunction on CTA compliance. This court case is not directly related to the\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/taxlogicians.com\/fr\/has-the-cta-been-over-ruled\/\">separate court decision issued last March<\/a><\/span>, which suspended BOI filings for certain US companies.<\/p>\n<p>\u00a0<\/p>\n<p>FinCEN has issued the statement below on their <a href=\"https:\/\/www.fincen.gov\/boi\"><span style=\"text-decoration: underline;\">website<\/span><\/a>:<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cb16111 e-flex e-con-boxed e-con e-parent\" data-id=\"cb16111\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-031b487 elementor-widget elementor-widget-text-editor\" data-id=\"031b487\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote>\n<p><em>In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN <span style=\"color: #ff0000;\">and are not subject to liability<\/span> if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.<\/em><\/p>\n<p>&#8212;<\/p>\n<p>The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking, and money laundering.\u202f The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and makes it harder for bad actors to exploit loopholes in order to gain an unfair advantage.<\/p>\n<p>\u00a0<\/p>\n<p>On Tuesday, December 3, 2024, in the case of\u00a0<em>Texas Top Cop Shop, Inc., et al. v. Garland, et al.<\/em>, No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1)\u202fenjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically, (2)\u202fstays all deadlines to comply with the CTA\u2019s reporting requirements. The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.<\/p>\n<p>\u00a0<\/p>\n<p><em>Texas Top Cop Shop<\/em>\u00a0is only one of several cases in which plaintiffs have challenged the CTA that are pending before courts around the country. Several district courts have denied requests to enjoin the CTA, ruling in favor of the Department of the Treasury. The government continues to believe\u2014consistent with the conclusions of the U.S. District Courts for the Eastern District of Virginia and the District of Oregon\u2014that the CTA is constitutional.<\/p>\n<p>\u00a0<\/p>\n<p>While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>\u00a0<\/p>\n<\/blockquote>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>At present (December 16, 2024), compliance with the Corporate Transparency Act is not required. Compliance, in the form of filing beneficial owner reports, may be done on a voluntary basis. \u00a0 This change is a result of a recent US federal district court decision which issued a nationwide injunction on CTA compliance. This court case &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/taxlogicians.com\/fr\/has-the-cta-been-over-ruled-copy-2\/\"> <span class=\"screen-reader-text\">Part II: Has the CTA been over-ruled ? &#8211; Injunction Time<\/span> Lire la suite\u00a0\u00bb<\/a><\/p>","protected":false},"author":1,"featured_media":4731,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[28,17],"tags":[],"class_list":["post-4738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cta","category-uncategorized-en"],"_links":{"self":[{"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/posts\/4738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/comments?post=4738"}],"version-history":[{"count":11,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/posts\/4738\/revisions"}],"predecessor-version":[{"id":4750,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/posts\/4738\/revisions\/4750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/media\/4731"}],"wp:attachment":[{"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/media?parent=4738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/categories?post=4738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxlogicians.com\/fr\/wp-json\/wp\/v2\/tags?post=4738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}