Skip to content
Close
SEARCH
Join NHADA
Join NHADA
Dealership_Hero

JOIN OUR COMMUNITY

NHADA Supports the Success of Over 500 Motor Vehicle Businesses
BECOME A MEMBER
UPDATES
Smiling employee's in a line at work

Explore Cost-Effective Insurance & Workers' Comp. Plans

Get a free Quote
REPORT AN INJURY ONLINE (FORM 8-WC)
Association Events
Learn about NHADA's major events and fundraisers.
VIEW ALL EVENTS
UPCOMING EVENTS
INDUSTRY TRAINING
Explore upcoming webinars, seminars, and on-demand training.
VIEW ALL TRAINING
    ON-DEMAND TRAINING

    Off the Clock Video Series

    Explore the fascinating lives of automotive professionals in our new video series, "Off the Clock"

    FREE PARTNER OFFERS
    ALL OFFERS
    Compliance/Industry Guides
    VIEW ALL GUIDES

    Can't find what you're looking for? Try one of NHADA's partners.

    LotDrop-Nav_Supplies

    Forms & Supplies

    Start Shopping

    LotDrop-Nav_Apparel

    Corporate Apparel

    Start Shopping

    LotDrop-Nav_Promo

    Promotional Items

    Start Shopping
    National Auto Dealers Association (NADA)Dec 5, 2024 2:11:35 PM< 1 min read

    Federal Court Halts New Corporate Transparency Act Reports Rule

    Federal Court Halts New Corporate Transparency Act Reports Rule
    1:16

    On December 3, 2024, a U.S. District Court issued a nationwide injunction preventing the government from enforcing the Corporate Transparency Act (CTA) and its reporting requirements against businesses.

    PARTNER SPOTLIGHT

    With this ruling, businesses are not currently obligated to file Beneficial Ownership Information reports or comply with the CTA. Previously, businesses that met certain criteria were required to file reports with the Department of Treasury by January 1, 2025, or face up to two years imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day.

    The court held that the CTA and its implementing regulations including the reporting requirement are likely unconstitutional. This injunction provides preliminary relief until the conclusion of legal proceedings.

    NADA will continue to monitor this litigation and keep dealerships posted on their compliance requirements.

    Further Information:

    avatar

    National Auto Dealers Association (NADA)

    RELATED ARTICLES