Corporate Transparency Act Important Update

December 2024

On Tuesday, a Texas Court put a surprise "Hold" on FinCEN's authority to implement the Corporate Transparency Act (CTA) in the form of a "Temporary Injunction" that applies nationwide, It stops the January 1, 2025 or other FinCEN due dates for all CTA filings. FinCEN has not yet publicly responded, and the temporary injunction could be removed at any time, leaving uncertainty as to the CTA's status. While there is uncertainty about what will happen, this means that your CTA filing may not need to be filed by the end of the year.

What Perelson Weiner is Doing

With the possibility of the January 1 deadline coming back into effect, we are continuing to prepare client CTA filings, and suggesting to clients that they keep assembling the information required in a CTA filing. (See Appendix II of our March 2024 Client Notice at this link (https://www.pwcpa.com/important-update-for-clients). However, in light of the injunction, we are waiting for better information before actually completing the submission process.

Our Request to Clients

If you don't want us to continue preparing your forms until the courts resolve this matter, please let us know. Also, please let us know if you want us to continue the submission process, as some clients have asked us to do. If you have any questions, please contact your partner or Walter Primoff, (wprimoff@pwcpa.com) partner coordinating the firm's CTA services.