-
2 months ago | 
mondaq.com | Andrew Bettwy |Jeffrey Horwitz |Yuval Tal |Robert Sutton
On January 23, 2025, the U.S. Supreme Court ruled that thefederal government may enforce the Corporate Transparency Act("CTA") while the Fifth Circuit continues to review aconstitutional challenge to the law. Previously, the Fifth Circuithad upheld a Texas district court's injunction of enforcementof the CTA while litigation continued.1 The SupremeCourt's decision does not address the underlying question ofthe CTA's constitutionality, but permits its enforcement whilethe legal challenge proceeds.
-
Jan 6, 2025 | 
mondaq.com | Andrew Bettwy |Jeffrey Horwitz |Yuval Tal |Robert Sutton
On December 26, 2024, the Fifth Circuit of the United StatesCourt of Appeals vacated the stay of the injunction on theCorporate Transparency Act (the "CTA") that a panel hadissued earlier in the week. As a result, the injunction is back ineffect and the CTA is not currently enforceable.
-
Dec 30, 2024 | 
jdsupra.com | Yuval Tal
On December 26, 2024, the Fifth Circuit of the United States Court of Appeals vacated the stay of the injunction on the Corporate Transparency Act (the “CTA”) that a panel had issued earlier in the week. As a result, the injunction is back in effect and the CTA is not currently enforceable.
-
Dec 24, 2024 | 
jdsupra.com | Yuval Tal
On December 23, 2024, the Fifth Circuit of the United States Court of Appeals (the “Fifth Circuit”) issued an order that has the effect of reinstituting the deadlines under the Corporate Transparency Act (the (“CTA”). On December 3, 2024, the United States District Court for the Eastern District of Texas issued a nationwide injunction against enforcement of the CTA.
-
Dec 5, 2024 | 
mondaq.com | Andrew Bettwy |Jeffrey Horwitz |Yuval Tal |Robert Sutton
On December 3, 2024, the United States District Court for the
Eastern District of Texas issued a nationwide injunction against
enforcement of the Corporate Transparency Act (the
"CTA").
-
Jul 16, 2024 | 
mondaq.com | Jeffrey Horwitz |Elanit Snow |Yuval Tal |Andrew Bettwy
On July 8, 2024, the U.S. Treasury Department's Financial
Crimes Enforcement Network ("FinCEN") released additional
FAQs1 with respect to the beneficial ownership reporting
requirements of dissolved entities. The Corporate Transparency Act
requires reporting companies to report to FinCEN information about
their beneficial owners and company applicants (a "BOI
Report") and is intended to help prevent and combat money
laundering, terrorist financing, tax fraud and other illicit
activity.
-
Mar 6, 2024 | 
lexology.com | Andrew Bettwy |Stephanie Heilborn |Jeffrey Horwitz |Seetha Ramachandran |Robert Sutton |Yuval Tal | +1 more
On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (the “CTA”) is unconstitutional[1], leaving its future uncertain. The CTA requires reporting companies to report to FinCEN information about their beneficial owners and company applicants and is intended to help prevent and combat money laundering, terrorist financing, tax fraud and other illicit activity.
-
Dec 28, 2023 | 
lexology.com | Andrew Bettwy |Ryan Blaney |Richard Corn |Martin Hamilton |Stephanie Heilborn |Jeffrey Horwitz | +5 more
In 2021, the Corporate Transparency Act (the “CTA”) was enacted into U.S. federal law as part of a multi‑national effort to rein in the use of entities to mask illegal activity. The CTA directs the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) to propose rules requiring certain types of entities to file a report identifying each entity’s beneficial owners as well as the natural persons who formed the entity, unless an exemption applies.
-
Sep 21, 2023 | 
lexology.com | Andrew Bettwy |Ryan Blaney |Stephanie Heilborn |Jeffrey Horwitz |Seetha Ramachandran |Yuval Tal | +3 more
In 2021, the U.S. enacted the Corporate Transparency Act (the “CTA”) as part of a multi‑national effort to rein in the use of entities to mask illegal activity. The CTA directs the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) to propose rules requiring certain types of entities to file a report identifying the entities’ beneficial owners and the persons who formed the entity.
