After the Fifth Circuit reinstated the nationwide injunction of the Corporate Transparency Act on December 26, 2024, the government swiftly appealed to the U.S. Supreme Court, filing an emergency application on December 31, 2024, to stay the injunction or narrow its application to the plaintiffs in the Texas Top Cop Shop case only. Just days later, on January 3, 2025, Justice Samuel Alito set a deadline of January 10, 2025, for the plaintiffs to submit their responsive pleadings to FinCEN’s motion. 

If the nationwide preliminary injunction against the CTA is stayed or narrowed by the Supreme Court, nonexempt reporting companies will once again be subject to CTA filing requirements. Because the original CTA filing deadline of January 1, 2025, has passed for nonexempt reporting companies in existence or first registered in the U.S. prior to January 1, 2024, FinCEN will need to clarify the filing deadline as it did previously.

About Duane Morris

Duane Morris is actively monitoring developments regarding the CTA and issuing Alerts on the topic. Duane Morris will provide advice to clients regarding CTA compliance only when explicitly engaged to do so in writing.

For More Information

If you have any questions about this Alert, please contact Thomas R. Schmuhl, Jocelyn Margolin Borowsky, Joel N. Ephross, Bruce H. Jurist, Hope P. Krebs, Lee J. Potter Jr., any of the attorneys in our Corporate Transparency Act Group, the attorney in the firm with whom you are regularly in contact, or Michael A. Gillen or any of the professionals in the Tax Accounting Group.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.