In May, we advised that your companies may be obligated to report information regarding certain of the company’s owners to the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) under the Corporate Transparency Act (“CTA”).
A U.S. District Court recently issued a nationwide preliminary injunction against enforcement of the CTA.
So, what should you do?
IF YOU HAVE ALREADY FILED WITH FINCEN
- Delay taking any further actions to comply with the CTA – FOR NOW
- Monitor decisions and actions by the courts and government
- Protect your confidential information
IF YOU HAVE NOT FILED WITH FINCEN
- Delay filing – FOR NOW
- Be prepared to act quickly if the injunction is overturned
- Monitor decisions and actions by the courts and government
- Protect your confidential information
Please stay tuned and contact us if you have any questions.
You can keep track of updates on the Corporate Transparency Act/Beneficial Ownership Information Reporting at – https://fincen.gov/boi
