The U.S. Supreme Court issued an emergency stay temporarily halting a lower court injunction blocking implementation of the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements that compel millions of business entities to disclose personal information about the individuals who directly and indirectly own or control them. The case will now go back to the U.S. Fifth Circuit Court of Appeals for a trial on the merits of the legality of the CTA. While that case is pending, the Supreme Court will allow FinCEN to implement the beneficial ownership disclosure requirements, which had been set to go into effect January 1st.
