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UPDATE: United States Supreme Court Reinstates Corporate Transparency Act

Craig Panholzer is an attorney in Cooper Levenson’s Business & Tax practice group in its Florida office. He concentrates his practice on business transactions, estate planning, special needs planning, probate and tax matters. Craig may be reached at (954) 889-1856 or via e-mail at cpanholzer@cooperlevenson.com.

By Craig Panholzer

On January 23rd, the United States Supreme Court granted an emergency plea made by the United States Justice Department allowing the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of Treasury to enforce the Corporate Transparency Act (the “CTA”).

The United States Supreme Court’s order comes less than a month after an order by the United States Appeals Court for the Fifth Circuit that blocked enforcement of the CTA.

The CTA requires millions of businesses to file entity ownership and control information with FinCEN.

Pending further developments, compliance with the CTA is required.

It is not currently clear what the new reporting deadlines will be for compliance with the CTA.

Please contact our Business and Tax Law Practice Group to ensure your business complies with the CTA.

See our previous blogs for more information on the CTA:

· Corporate Transparency Act Blocked Again By United States Appeals Court

· URGENT UPDATE: Federal Circuit Court Stays Corporate Transparency Act Injunction — Reporting Companies Required to File by January 13, 2025

· United States District Court Blocks Corporate Transparency Act Ahead of Looming Deadline

· Reminder: Corporate Transparency Act Compliance Deadline is December 31, 2024 (or Sooner)

· Alabama Federal District Court Rules the Corporate Transparency Act Unconstitutional — What Does It Mean for Your Business?

· Pulling Back the Curtains on Business Entities: The Corporate Transparency Act

Craig Panholzer is an attorney in Cooper Levenson’s Business & Tax practice group in its Florida office. He concentrates his practice on business transactions, estate planning, special needs planning, probate and tax matters. Craig may be reached at (954) 889-1856 or via e-mail at cpanholzer@cooperlevenson.com.