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Federal Court temporarily blocks new financial reporting requirements
06 December 2024
The US District Court for the Eastern District of Texas has granted a nationwide preliminary injunction to block the federal government from enforcing the Corporate Transparency Act (CTA).
(PHOTO: Adobe Stock/Gorodenkoff)
The CTA, which was signed into law in 2021, requires certain limited liability companies (LLCs) and other business owners to file corporate transparency reports with beneficial ownership information to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan.1, 2025.
Following the court’s ruling, businesses will no longer have to file their beneficial ownership information by Jan. 1, 2025.
These financial reporting requirements will be halted while legal challenges to the Corporate Transparency Act work their way through the court system. The constitutionality of the law could eventually be decided by the US Supreme Court.
For now, US demolition contractors should stay informed about potential reinstatements of the reporting requirements and consult with legal or financial advisors to prepare for any future obligations.
The NDA will keep members updated on any future legal developments as they arise.
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