Rose Law Group partner and Corporate Transactions Director Shruti Gurudanti offers guidance on CTA compliance after Supreme Court ruling

“Entities are advised to complete their BOI filing as soon as possible.” -Rose Law Group partner and Corporate Transactions Director Shruti Gurudanti

By LandLine

Below is the current information as of Jan. 24.

Despite a Supreme Court order lifting an injunction on the Corporate Transparency Act, a separate injunction in another case remains intact, keeping small-business owners off the hook to file a beneficial ownership information report.

On Thursday, Jan. 23, Supreme Court Justice Samuel Alito granted the federal government its application to lift a Dec. 5 Texas federal district court order that blocked the Corporate Transparency Act. However, Alito’s order does not apply to a Jan. 7 injunction in a separate case.

What does that mean? Effectively, nothing changes. Although Alito opened the door for the federal government to enforce the Corporate Transparency Act, it was met with another closed door.

Justice Alito’s decision adds to an already confusing and chaotic situation that unfolded in the days before the original Jan. 1 deadline for most small businesses to report beneficial ownership information. The Corporate Transparency Act can still be resurrected again by the Fifth Circuit Court of Appeals in about two months.

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