The Corporate Transparency Act Is Enjoined
A Texas federal court issued a preliminary injunction against the Corporate Transparency Act (CTA) – that is, the federal requirement that small business ownership information has to be filed with FinCEN – this week. This is what lots of lawyers, accountants, and others called the BOI – Business Owner Information. For background, we’ve talked about this law before, here and here.
What It Means for American Small Businesses
Bottom Line: You don’t need to file your personal information with the feds. Rest assured, we’re on this and will keep you updated.
But for now, as the end of the year approaches, we think it’s important to alert New York and American small businesses that this injunction has been issued nationwide which means owners don’t need to file your highly personal information, at least for now, until further rulings. So our small business friends and colleagues can breathe easier, remove the CTA from your “to do” list, put your passport and driver’s license away, and go about the business of working to be successful – which is how hard-working Main Street America keeps the economy vital by employing workers and adding to the GDP.
Practice Pointers
First, don’t worry. We’re watching this closely and will keep an eye on the court proceedings, including the impact caused by the change of Administrations coming January 20, 2025. In the meantime, if you have questions about this business issue or any other small business legal challenges, let us know on our website, by calling us at 716.839.9700, or by emailing info@coppolalegal.com. We’re here to help.
