On Jan. 23, the U.S. Supreme Court lifted an injunction blocking the enforcement of the Corporate Transparency Act; however, reporting obligations remain on hold due to an injunction in a separate case.
The Supreme Court lifted an injunction in the Texas Top Cop Shop, Inc. v. Garland case that prevented the Financial Crimes Enforcement Network (FinCEN) from enforcing the Corporate Transparency Act. The act would require small business owners to file beneficial ownership reports. A separate injunction remains in place for the Smith v. U.S. Department of the Treasury case.
On Jan. 24, FinCEN confirmed on its website that reporting companies are not currently required to file beneficial ownership information, but companies may continue to voluntarily submit reports. Due to the fluidity of the enforcement, the National Cattlemen’s Beef Association recommends cattle producers consult an attorney or tax professional regarding personal impacts.
