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Author: Admin | 2025-04-28
Pendency of those appeals, resulting in a long and complicated procedural history. During this period, other district courts have upheld the constitutionality of the CTA.A timeline of recent litigation, legislative, and regulatory developments involving the CTA is provided below. February 18, 2025: FinCEN issues the 2-18 Notice described above, making March 21, 2025 the BOI reporting deadline for most companies, stating it will assess options to further modify deadlines and reduce burdens on lower-risk entities while prioritizing reporting for entities with the most significant national security risks. February 17, 2025: In Smith v. US Dept. of the Treasury, 6:24-cv-336-JDK (E.D. Tex.), a judge of the E.D. Texas stays its January 7, 2025 order granting preliminary relief pending the disposition of the appeal. The court’s January 7, 2025 order enjoined the government from enforcing the CTA against the plaintiffs in that case and suspended the application of the CTA’s Reporting Rule nationwide. February 14, 2025: In Boyle v. Bessent, 2:24-cv-00081 (D. Me.), a judge in the US District Court for the District of Maine grants a motion for summary judgment for the government (and denies the dueling motion for summary judgment from the plaintiff), finding that “Congress asserted a rational basis for concluding the existence of corporate entities has a substantial effect on interstate commerce,” therefore determining that the CTA is constitutional under the Commerce Clause. The court notes that the CTA deadlines were stayed (at the time) due to the injunction ordered by the Smith court. February 10, 2025: The US House of Representatives votes 408–0 to pass H.R. 736, which would provide an extension until January 1, 2026 for reporting companies formed prior to January 1, 2024 to file beneficial ownership reporting information with FinCEN. This bill currently awaits review by the US Senate. February 5, 2025: The government
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