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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:

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National Auto Dealers Association (NADA)

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