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CTA report requirements halted
National Auto Dealers Association (NADA)Jan 2, 2025 1:59:54 PM1 min read

Federal Appeals Court Pauses Requirement to File CTA Report

Federal Appeals Court Pauses Requirement to File CTA Report
1:39

Only three days after a three-judge panel of the 5th U.S. Circuit Court of Appeals ruled the Corporate Transparency Act reporting requirements could be enforced as the case proceeds, the same Court issued another ruling on December 26, 2024, staying enforcement of the rule “to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments.”

PARTNER SPOTLIGHT

Following the December 23 ruling, the Department of Treasury Financial Crimes Enforcement Network extended the filing deadline from January 1, 2025, to January 13, 2025, for businesses to file Beneficial Ownership Information reports as required under the Corporate Transparency Act. With the most recent ruling, dealerships covered by the reporting requirement do not need to file reports pending further action by the 5th Circuit Court of Appeals. 

A compliance alert was issued to help dealerships comply with the rule if it goes into effect. NADA will keep dealerships updated on the case and send out an alert if the filing requirement is reinstated. NADA hosted a webinar, Beneficial Ownership Reporting - Overview for Dealers, on October 31  (LOG-IN REQUIRED). 

Please also see the resources below:

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National Auto Dealers Association (NADA)

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