In the Headlines
December 6, 2024
Treasury Appeals Court Ruling Blocking Corporate Ownership Registry Drive
The Wall Street Journal
Tax attorney Alan Granwell was quoted in a Wall Street Journal article on a Texas judge's nationwide injunction blocking implementation of the Corporate Transparency Act, which requires companies to report beneficial ownership information to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The ruling comes just weeks before the Jan. 1, 2025, deadline for compliance and has created confusion among businesses and legal professionals. The Treasury Department has filed an appeal, asserting that the law is vital for protecting the U.S. financial system from criminal activities. Mr. Granwell cautioned companies against using the decision as an excuse to delay compliance preparations.
"Everyone is asking, 'What do we do?'" said Mr. Granwell. "If they haven't done the work now and decide to wait, and say for some reason the order is reversed, they are going to have a very difficult time getting their act together and filing by the first of January."
READ: Treasury Appeals Court Ruling Blocking Corporate Ownership Registry Drive (Subscription required)
"Everyone is asking, 'What do we do?'" said Mr. Granwell. "If they haven't done the work now and decide to wait, and say for some reason the order is reversed, they are going to have a very difficult time getting their act together and filing by the first of January."
READ: Treasury Appeals Court Ruling Blocking Corporate Ownership Registry Drive (Subscription required)