On December 3, 2024, the federal court for the Eastern District of Texas ruled that the Corporate Transparency Act was unconstitutional and vacated its registration deadlines. On December 26, the federal Fifth Circuit Court of Appeals affirmed that the deadlines would not be enforced until an appeal of the lower court’s ruling could be heard.
If you have not registered with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) yet, then you are not required to do so unless the appeals court reverses the ruling of the District Court. Given the inherent uncertainty in the outcome of the appeals process, the more prudent course of action is to register. Further information can be found on FinCEN’s Frequently Asked Questions document (https://www.fincen.gov/boi-faqs) or the FinCEN Reference Materials (https://www.fincen.gov/boi/Reference-materials).
