1-24-25 The Corporate Transparency Act ("CTA") Remains on Pause
Yesterday, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry). However, today FinCEN issued an alert confirming that, despite the Supreme Court’s action, reporting companies are not required to comply—and will not be liable for failure to comply—with the CTA while a separate nationwide order remains in effect as the result of another pending federal district court case (Smith v. U.S. Department of the Treasury). Accordingly, the CTA remains on hold and reporting companies are not required to comply at this time.
We are prepared to help your company navigate the CTA’s reporting requirements. If you have any questions, please reach out to Kate Polozie, Esq. at (585) 987-2910 or kpolozie@woodsoviatt.com, Danielle Ridgely, Esq. at (585) 987-2914 or dridgely@woodsoviatt.com, or another member of the Business and Tax Department at Woods Oviatt Gilman LLP.
