Sean Bryan Article: Injunction on Enforcement of Corporate Transparency Act is Restored.
It has been a whipsaw week for the Corporate Transparency Act. On December 24, the US Court of Appeals for the 5th Circuit lifted a District Court’s injunction on enforcement by FinCEN of the BOI reporting requirements under the CTA. A motion for the Court of Appeals to rehear the motion to vacate the injunction by the full court was requested, and the court gave the government until noon on New Year’s Eve to respond to the motion to rehear. In the meantime, on December 26, the Court of Appeals vacated its stay of the injunction “to preserve the constitutional status quo” until the appeal is heard on the merits, thus leaving FinCEN unable to enforce the BOI reporting requirement for a to-be-determined period.