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AICC has received the below update from our partner the Small Business Legislative Council (SBLC).
As you will be seeing this morning, the Corporate Transparency Act (CTA) and its implementing regulations, which require U.S. business entities (mostly small businesses) to report ownership and leadership information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court yesterday (Tuesday). The injunction comes just weeks before the January 1, 2025 deadline for compliance with reporting requirements. The injunction temporarily bars the Treasury Department from enforcing the reporting requirements at this time, but this does not necessarily mean the CTA is gone. Litigation and appeals are likely to continue, which will cause uncertainty around next steps.
AICC expects to have more information in the coming days which we will share with our members.
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