Preliminary Injunction Issued Against Corporate Transparency Act
Yesterday, a federal district judge in Sherman, Texas issued a nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). Judge Amos Mazzant held that the CTA is likely unconstitutional as outside of Congress’s power. In issuing the preliminary injunction, Judge Mazzant stayed (temporarily suspended) the CTA’s impending compliance deadline of January 1, 2025. The CTA would have required an estimated 32.6 million companies to file “beneficial ownership information” (or “BOI”) reports by that date with FinCEN, a U.S. Treasury Department enforcement body. The case in which Judge Mazzant issued his ruling is Texas Top Cop Shop, Inc. v. Garland.
The Cokinos | Young corporate group is analyzing the ruling and will update this Client Alert with additional information as it becomes available. If you would like to discuss this development further, please contact one of the following members of our corporate group:
About Cokinos | Young
Cokinos | Young has led Texas construction and real estate law for over three decades. And today, our 100+ dedicated professionals operate coast to coast and proudly handle all aspects of construction law for owner/developers, project managers, general contractors, design professionals, subcontractors, sureties, and lenders. We provide both dispute resolution and transactional services to clients through all phases of commercial, industrial, pipeline, offshore, civil, and residential construction. Our reputation was built on relentless commitment to client service and the industries we serve, and that remains our primary driver. Dedicated. Resilient. Expertise. That’s Cokinos | Young. Learn more at cokinoslaw.com.