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The Corporate Transparency Act (CTA) saga continues. On January 23, 2025, the U.S. Supreme Court stayed the nationwide injunction that had previously halted the enforcement of the CTA's filing requirements.
This decision brings immediate implications for companies, as the national ban on filing requirements is now lifted. Here's everything you need to know about this development and how Athennian can support your compliance efforts.
In the case of McHenry v. Texas Top Cop Shop, the Supreme Court issued a stay on the December 2024 injunction that had paused CTA enforcement. This stay will remain in effect as the case proceeds through the Fifth Circuit Court of Appeals and possibly a Supreme Court review, should a writ of certiorari be filed.
Justice Gorsuch, in a concurring opinion, emphasized the importance of addressing the scope of district courts' authority to issue universal injunctions. Meanwhile, Justice Jackson dissented, citing insufficient urgency to justify the stay. The decision underscores the legal complexities surrounding CTA and highlights the evolving nature of compliance requirements.
As of now, companies are expected to comply with CTA filing requirements unless further judicial interventions occur. Businesses must prepare to file Beneficial Ownership Information (BOI) reports promptly to avoid potential penalties.
While FinCEN has yet to issue guidance or confirm an extension for BOI filings following the Supreme Court's ruling, the best course of action for businesses is to proceed with filings as soon as possible.
With this rapid change, many businesses may find themselves scrambling to understand and meet their compliance obligations. Athennian simplifies the process by offering tools that streamline BOI filings and ensure ongoing compliance:
Although FinCEN has not responded to the ruling as of this publishing, past behavior suggests it may issue updated guidance or provide a filing grace period. However, businesses should not wait for regulatory updates to act. Preparing and submitting filings now will minimize risk and demonstrate a proactive approach to compliance.
The Supreme Court’s decision has revived CTA filing requirements, creating an immediate need for businesses to comply. Athennian is here to help you navigate these changes with ease. With our integrated tools and compliance expertise, you can file BOI reports confidently and stay ahead of regulatory challenges.
Don’t wait. Learn how Athennian can simplify your compliance process. Contact us today to get started.
By acting now, businesses can mitigate legal risks, avoid penalties, and focus on their strategic goals while leaving compliance worries behind. Stay informed, stay compliant, and let Athennian take the stress out of CTA reporting.
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“When we were reviewing other entity management systems on the market, in some cases, we were not comparing apples to apples. But with Athennian, there was really no comparison. The paralegals were so excited to come on board.”
"There are so many things I like about this program, but the one thing that really stands out is the user friendly interface. The program is fast and allows me to enter corporate information very quickly and efficiently. I would also like to note that Athennian provides the most the fantastic customer service."
