Filter By Service Area
Filter By Title
Filter By Office

Resources

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.

The Corporate Transparency Act

As many of you are aware, the Corporate Transparency Act has been the subject of much dispute and litigation over the last few months. Reporting was supposed to begin on January 1 of this year but was blocked by a nationwide injunction issued by a federal judge in the Eastern District of Texas. The efforts of the Justice Department to stay the injunction were rejected by the District Court, originally granted by the Fifth Circuit Court of Appeals, and later rejected by the Fifth Circuit. Amicus briefs were submitted by scores of business groups including the AGC in support of the injunction.

Meanwhile, on March 2, the Treasury Department announced that not only will it not be enforcing any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies of their beneficial owners after the forthcoming rule takes effect. The Treasury Department has stated that it will be issuing further proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The Department press release stated that they are taking these steps “in the interest of supporting hard working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.” The new Secretary of the Treasury, Scott Bessent, was quoted as saying: “This is a victory for common sense.” He further stated, “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reigning in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” Thus, regardless of the ruling by the Fifth Circuit, and possibly the Supreme Court, it would appear that the reporting requirements of the Corporate Transparency Act are, at least for now, not a concern.