In a rapid change of events in the saga that is the Corporate Transparency Act, the 5th Circuit Court of Appeals has reinstated the nationwide injunction. In other words, businesses are NOT required to file a report to FinCEN until the Court hears the merits of the case.
The 5th Circuit Court of Appeals will hold oral arguments March 25th. At that time, the Court will decide whether to keep the injunction in effect and delay reporting requirements, or lift the injunction. In the meantime, Congress will have time to take action, which we hope means a repeal of the Act altogether making the lawsuits moot.
Once again, ignore our last email about new reporting deadlines. The nationwide injunction is back in effect and businesses DO NOT have to file beneficial ownership information reports.
We apologize for the multiple emails on the topic and any confusion that results. We are trying to keep dealers as up to date as possible in a quickly evolving scenario. We hope this is the final word on the subject for this year, but if anything changes we will be sure to let you know.
