This afternoon, the Fifth Circuit Court of Appeals granted the government’s emergency motion to stay the trial court’s nationwide injunction against the CTA and its reporting requirements, pending a final determination of the appeal of that order. Finding that the government made a strong showing as to the CTA’s constitutionality, and that the lower court had misapplied precedent, the Court of Appeals reinstated the reporting requirements and ordered that the appeal itself be expedited in an unpublished opinion.
The dispute over the CTA is likely to reach the Supreme Court, as different federal courts have found for and against its constitutionality. The Trump administration will have its own position on the CTA, but in the meantime, everyone who paused reporting needs to go back to the FinCEN website, fill in their FinCEN IDs, and make their happy little beneficial ownership reports.
Merry Christmas.