On December 3, 2024, a United States District Court in the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) and its reporting requirements.
- It is anticipated that the government will appeal this order.
- It is also anticipated that FinCEN may post a notice regarding this order.
- Virginia community associations, who are not otherwise exempt and who have not yet filed their Beneficial Ownership Information (BOI) report, should closely monitor developments and gather the required information to be prepared to timely file their BOI report pending further court developments.
- To date, FinCEN is still accepting BOI reports and Virginia community associations may proceed with filing them.
- Virginia community associations should contact their legal counsel to discuss questions regarding this order and the CTA.
Learn more about the Corporate Transparency Act and its federal reporting requirements in a previous legal update.
