Accounting Today Quotes Leila Carney Recent Supreme Court Decision on CTA

The Supreme Court lifted an injunction on the Corporate Transparency Act and its beneficial ownership information reporting requirement that had been imposed by a federal appeals court, but CTA enforcement nevertheless remains on hold because of a separate nationwide injunction.

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"The Supreme Court apparently favors turning the CTA back 'on,' but with another lower court having stayed it, it remains “off," said Leila Carney, a Member of the law firm Caplin & Drysdale. " This morning, FINCEN announced that it is not “currently” requiring filing, but taxpayers remain on edge, prepared to file to avoid penalties, while they await conclusive guidance. With the administration change and an incoming U.S. Treasury nominee, Mr. Bessent, FINCEN itself could pump the brakes on enforcement until the dust settles. The agency suffers little harm by delaying (as Justice Jackson pointed out), while filers can't un-file."

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