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Corporate Transparency Act Ruling from the U.S. Supreme Court

Client Alert
January 24, 2025

Over the past several weeks, the federal judiciary has provided numerous rulings on the enforceability of the Corporate Transparency Act (“CTA”), which took effect on January 1, 2024. For a more detailed overview on the CTA, click here.

Most recently, on December 26, 2024, the United States Court of Appeals for the Fifth Circuit reinstated a previous injunction barring enforcement of the CTA’s filing requirement for entities throughout the country.

Yesterday, the U.S. Supreme Court granted the government’s appeal of the Fifth Circuit’s December 26 decision, lifting the nationwide injunction. While many interpreted this ruling to reinstate the CTA’s reporting requirement, recent guidance from the Financial Crimes Enforcement Network (“FinCen”) makes clear that enforcement of the CTA’s filing requirement is still barred nationwide.

While the U.S. Supreme Court lifted the injunction on appeal before the Fifth Circuit, a separate nationwide injunction issued by a different federal judge on January 7, 2025 (Smith v. U.S. Department of the Treasury, Case No. 6:24-cv-336-JDK) remains in effect. FinCen continues to accept voluntary reporting, but as of this publication, businesses are not required to comply with the CTA’s filing requirements.

For guidance on complying with these updated requirements, business owners should reach out to their BMD legal advisors or contact BMD Member Blake Gerney at brgerney@bmdllc.com.

Corporate Transparency ActBusiness & Corporate LawBlake R. GerneyMichael SneeringerNathan AltstadtJacob R. Davis
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