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U.S. Court of Appeals for the Fifth Circuit Lifts Injunction on Corporate Transparency Act
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit lifted the temporary injunction that had blocked enforcement of the Corporate Transparency Act (CTA) and the Reporting Rule implementing the CTA. This significant ruling means that the CTA is once again in effect nationwide.
What This Means for Reporting Companies
For any reporting companies that had delayed filing their CTA reports due to the temporary injunction issued by the United States District Court for the Eastern District of Texas earlier this month, it’s crucial to take immediate action to comply with the CTA requirements.
- Existing Reporting Companies: Those in existence prior to January 1, 2024, must file Beneficial Owner Information (BOI) Reports by December 31, 2024.
- New Reporting Companies: Those formed in 2024 have 90 days from their formation date to comply with their CTA requirements.
Ensuring Compliance
The reinstatement of the CTA means that reporting companies must act quickly to ensure compliance and avoid potential penalties. The CTA requires reporting companies to provide detailed information about their beneficial owners to improve transparency and prevent illegal activities such as money laundering and terrorism financing.
Need Assistance?
For more information on the CTA and guidance on how to comply, please visit our Corporate Transparency Act Guidance page. Our team at Capes Sokol is here to assist you in navigating these requirements and ensuring your company meets all necessary deadlines and regulations.
About the Business & Corporate Transactions Group
Successful businesses share four common traits: visionary leadership, sound planning, excellent execution and responsive legal counsel. We help businesses and individuals across a range of industries build success and navigate the relationships and transactions necessary to start, nurture and grow.
We begin each engagement with uncommon attention to learning your goals and unique situation. We listen to you, your business and legal advisors, and even opposing counsel. Why? Because our experience has shown us that it’s the best way to provide the objective analysis and creative solutions you need to find success.
Our collaborative approach provides an uncommon experience that leverages the insight and deep industry knowledge of the full firm as we work across our services and practice areas, fueling insight and creativity, and driving results that propel our clients’ interests further than ever.
About Capes Sokol
At Capes Sokol, we strive to find the best solutions to our client's legal problems and to turn even complex challenges into opportunities. That’s why each member of our St. Louis-based team is committed to looking at every issue from multiple angles. We bring teamwork and collaboration across disciplines. We take the time to listen and understand our clients' industries, problems and challenges. And then we apply deep legal knowledge, experience and creativity all leading to strategies and execution that just make sense.
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