January 24, 2025 – In a new ruling this week from the U.S. Supreme Court, the injunction preventing enforcement of the Corporate Transparency Act (CTA) has been overturned. This would ordinarily mean that the reporting requirements of the CTA are back in effect and that reporting companies should prepare to file their beneficial ownership information (BOI) reports. However, there is currently still a nationwide injunction in place preventing enforcement of the CTA from a separate case in the District Court for the Eastern District of Texas – Smith v. United States Department of the Treasury. This injunction was ordered on January 7, 2025, and is still in effect pending further disposition of the case.

This conclusion is reiterated by the latest guidance provided by FinCEN on January 24, 2025:

“As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force.”

As the situation continues to rapidly evolve, Reger Rizzo Darnall will continue to monitor any further developments. Please reach out to your RRD attorney if you have any questions regarding the latest status on enforcement of the CTA.