Important Corporate Transparency Act Update

On December 3, 2024, as it relates to the Corporate Transparency Act, a federal court in the Eastern District of Texas issued a preliminary injunction that temporarily suspended the requirement to file a Beneficial Ownership Information Report with FinCEN, while noting that the Corporate Transparency Act is likely unconstitutional and outside the power of Congress.

At this time, please be advised that this is only a preliminary injunction (i.e., not a permanent injunction). It is unknown how this case ultimately will be decided in the court system and with a new administration and Congress next year, the future of the Corporate Transparency Act is unclear.

We will continue to provide updates regarding this court case and the Corporate Transparency Act as they become available, both through our firm’s website and on our LinkedIn page.

Corporate Transparency Act Team

Ryan A. Biller                          rbiller@chuhak.com

Jeffrey M. Heller                      jheller@chuhak.com

Bryan M. Montana                  bmontana@chuhak.com

Janet Wagner                         jwagner@chuhak.com

Mitchell D. Weinstein              mweinstein@chuhak.com

Anne M. Wolniakowski           awolniakowski@chuhak.com

Client alert authored by Jeffrey M. Heller (312 855 4605), principal.

This Chuhak & Tecson, P.C. communication is intended only to provide information regarding developments in the law and information of general interest. It is not intended to constitute advice regarding legal problems and should not be relied upon as such.