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The U.S. Department of Justice has filed an appeal to last week’s preliminary injunction by a Federal judge in Texas that halted enforcement of the Corporate Transparency Act (CTA). There is no clear timeline for when the Appeals Court will rule on the case, but industry groups hope it will happen quickly.
The CTA’s goal is to prevent money laundering and tax fraud by requiring certain businesses to disclose ownership information in the form of beneficial ownership reports. The compliance reports go to the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury.
FinCEN posted an alert regarding the Texas injunction that states it plans to comply with the Texas injunction and that covered entities are, for the moment, under no obligation to complete their CTA filings. The site is open for businesses wanting to file “voluntarily.” New data suggests approximately 9 million of the estimated 36 million required companies have filed.
For more information contact Moutray McLaren at mmclaren@icsc.com.