Texas Temporarily Halts CTA Reporting

Posted by MSM on Dec 12, 2024 2:59:22 AM

Last week, a federal court in Texas temporarily stopped the reporting requirements of the Corporate Transparency Act (CTA). The court’s nationwide injunction applies to the CTA requirement that most business entities, including many self-storage operators and vendors, must file a Beneficial Ownership Information (BOI) report to the U.S. Treasury’s Financial Crimes Enforcement Network.

 

Business entities formed before Jan. 1, 2024, were required to file their BOI reports no later than Dec. 31, 2024. New business entities formed in 2024 were required to report within 90 days of formation.

Although the court’s decision is temporary, it could be reversed on appeal. For now, self-storage operators and vendors do not need to file a BOI by Dec. 31, 2024, or within 90 days of formation. 

 

Read attorney Scott Zucker's "Legal Minute" about the CTA.