Following the injunction, the U.S. Government has formally appealed the temporary injunction issued by Judge Mazzant III on December 3, 2024 and the case will now be heard by the 5th Circuit Court of Appeals. This case is pending hearing.
What’s Next?
Although the requirements of the Corporate Transparency Act have been placed on hold, members are encouraged to remain vigilant. While the business world waits for a final ruling, companies are encouraged to analyze their entities and determine their beneficial owners, gathering all appropriate information. Businesses who have not already filed, should be ready to file in the event that the injunction is lifted.
Because this case and legislation is fluid, there are no right or wrong answers at this time. Many trade and business groups are encouraging businesses to proceed with filing their BOI report so long as they feel comfortable sharing the information requested while others are celebrating the fact that filing the BOI report is no longer required (at least for now) and are encouraging members to “stand by”.
BLD Connection, together with NLBMDA, are actively monitoring developments with the Corporate Transparency Act and will relay additional information – as it is available – to all members as soon as it is made available.
Should you have any questions about the Corporate Transparency Act, please contact BLD Connection President Cody Nuernberg at (763) 595-4052.
