Stay Prepared for Possible CTA Filing Deadline Changes

Following up on our recent communication regarding the Corporate Transparency Act (CTA), we have new developments regarding the case (Texas Top Cop Shop, Inc., et al. v. Garland, et al.)  we reported on that may potentially impact the CTA filing deadline.

This weekend, the government filed a motion with the 5th Circuit Court requesting to either stay the preliminary injunction issued by the lower court or narrow its scope to only the plaintiffs in the case, pending the case’s full resolution. This approach mirrors that taken in a prior Alabama case.

A critical point in the government’s filing states:

“The government respectfully requests a ruling on this motion as soon as possible, but in any event no later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025.”

This strongly signals that if the government’s motion succeeds, the Financial Crimes Enforcement Network (FinCEN) plans to enforce the December 31 filing deadline.

What This Means for You:

If the court rules in favor of FinCEN, entities required to file will likely have until the end of the year to submit their filings.

We Strongly Recommend:

• Having all necessary information ready to complete your CTA filings by January 1, 2025.
• Considering a voluntary filing now to avoid potential complications.

We’ll continue to monitor this closely and provide updates as they develop. Thank you for staying informed and prepared. We encourage you to subscribe to our newsletter to receive our weekly updates.