Fabio Giallanza of Weiss Serota Helfman Cole + Bierman. Courtesy photoNationwide Injunction Halts Corporate Transparency Act Reporting Requirements
"There are two options: You file now and avoid worrying about this later, or you wait and see," said Fabio Giallanza, with Weiss Serota. "But if they reinstate the obligation to file, then, of course, you have to be ready."
December 10, 2024 at 05:42 PM
4 minute read
The Financial Crimes Enforcement Network, a U.S. Treasury Department bureau, has issued guidance on the newly passed Corporate Transparency Act, stating that reporting certain stakeholder information is now voluntary, pending resolution of the appeal the federal government filed on a recent injunction.
The network, also known as FinCen, gave the update after a judge in the Eastern District of Texas issued an injunction in the case Texas Top Cop Shop, Inc., et al. v. Garland et al, finding that the act is unconstitutional. The update from FinCen comes on the heels of a Dec. 31 deadline to report beneficial owner information for companies formed before Dec. 31, 2023.
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