Corporate Transparency Act Disclosure Filing Requirements: Where Things Stand

In a confusing sequence of events last week, the 5^th Circuit Court of Appeals on December 23rd ordered a “stay” (here) of a nationwide preliminary injunction issued earlier in December by a Texas district court enjoining enforcement of the Corporate Transparency Act (CTA).   But this “stay” was then followed three days later by an “order” (here) from the 5^th Circuit that the CTA and its Beneficial Ownership Information (BOI) disclosure requirements are once again paused, pending further consideration. 

The Financial Crimes Enforcement Network (FinCEN) has updated its BOI page. They are accepting voluntary reports, but penalties for non-reporting will not be applied until further notice.  Affected entities should continue to closely monitor this ongoing litigation in the event of any further actions (for instance, BOI disclosures will once again be required if the government prevails).