BREAKING NEWS: Fifth Circuit Reinstates Preliminary Injunction Against Corporate Transparency Act
What Happened:On December 26, 2024, a merits panel of the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) by the Financial Crimes Enforcement Network (FinCEN). As a result, FinCEN issued an alert the following day, clarifying that reporting companies are not currently required to file beneficial ownership information (BOI) and will not face penalties for failing to file while the preliminary injunction remains in place. However,