On January 23, 2025, the U.S. Supreme Court stayed a nationwide preliminary injunction issued in Texas Top Cop Shop, Inc. et al. v. Garland et al., creating further legal uncertainty surrounding the Corporate Transparency Act (CTA). Despite this ruling, the Financial...
Content By Samantha M. Cira
Corporate Transparency Act Whiplash Continues: Nationwide Injunction Reinstated by Fifth Circuit Court of Appeals
The Fifth Circuit Court of Appeals hit pause again on the reporting requirements of the Corporate Transparency Act (CTA), continuing a recent series of baffling legal developments. Specifically, on December 26, 2024, the Fifth Circuit reinstated the nationwide...
Corporate Transparency Act Update: Enforcement Resumes, Filing Deadlines Extended
On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit lifted a Texas District Court’s preliminary injunction that had temporarily paused enforcement of the Federal Corporate Transparency Act (CTA) nationwide in the case of Texas Top Cop Shop, Inc., et...
Federal Court Halts Enforcement of Corporate Transparency Act Nationwide: Recommended Steps for Businesses
On December 3, 2024, a Texas federal district court issued a nationwide preliminary injunction temporarily blocking the enforcement of the Corporate Transparency Act (CTA) and its requirement to report the beneficial owners of reporting companies. The ruling in Texas...
Time’s Running Out: Are You Ready to Comply with the CTA by Year-End?
As the fourth quarter of 2024 kicks off, businesses are running out of time to determine their compliance obligations under the Federal Corporate Transparency Act (CTA). If your company does not report its beneficial owners by the end of the year, and no exemption...
Revolutionizing M&A Due Diligence: How AI Tools Enhance Efficiency and Accuracy
In the realm of mergers and acquisitions (M&A), due diligence is a critical phase where a buyer’s acquisition team assesses potential risks and opportunities before finalizing the terms of an agreement to purchase its target company. The diligence process can be...
Recent Developments & Challenges to the Corporate Transparency Act
As we continue to monitor the future of the Federal Corporate Transparency Act (the CTA), which requires certain businesses to file a report disclosing their beneficial owners to the U.S. government, new developments in both federal courts and state legislatures...
New York’s LLC Transparency Act: What You Need to Know
While federal legislative and regulatory authorities digest and plan their responses to the March 1, 2024 ruling in the U.S. District Court for the District of Alabama that held the federal Corporate Transparency Act (the CTA) unconstitutional, New York is moving...
Federal District Court in Alabama Deems Corporate Transparency Act Unconstitutional
The U.S. District Court for the Northern District of Alabama (District Court) declared the Corporate Transparency Act (the CTA), which became effective on January 1, 2024, unconstitutional in the case styled National Small Business Association v. Yellen. The effects...
Important Corporate Transparency Act Law Update: U.S. Beneficial Ownership Information Filing System is Now Open
New federal reporting requirement that may affect your business is now effective. The Corporate Transparency Act (the CTA) is officially in effect. You should confirm now whether your company has any reporting obligations. The CTA requires certain entities to report...