A federal judge has struck down the Corporate Transparency Act (CTA), blocking the Treasury Department from enforcing the law in a preliminary injunction. The ruling was made in Texas Top Cop Shop, Inc., et al. v. Garland, et al. at the U.S. District Court for the Eastern District of Texas.
The CTA requires 33 million business entities to file and regularly update a document containing the personal information of all beneficial owners with the Financial Crimes Enforcement Network (FinCEN). Under the law, all business entities with fewer than 20 employees or $5 million in revenue had to file with FinCEN by the end of 2024.
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