[Editor's Note: This was previously published in The Chronicles of Grant County, but this editor decided to bring it to the forefront for all readers to be aware of the change in this regulation. For the other articles talking about the issue, please visit https://www.grantcountybeat.com/columns/informational/the-chronicles-of-grant-county/new-federal-regulatory-requirements-affecting-businesses-in-southwest-new-mexico-part-one ; https://www.grantcountybeat.com/columns/informational/the-chronicles-of-grant-county/new-federal-regulatory-requirements-affecting-businesses-in-southwest-new-mexico-part-two ; and https://www.grantcountybeat.com/columns/informational/the-chronicles-of-grant-county/new-federal-regulatory-requirements-affecting-businesses-in-southwest-new-mexico-part-three .
The Chronicles Of Grant County
New Federal Regulatory Requirements
Affecting Businesses In Southwest New Mexico
Part Two And A Half
The United States District Court of the Eastern District of Texas includes a number of counties in this section of Texas. (The image was provided courtesy of the United States District Court of the Eastern District of Texas.)
The United States District Court of the Eastern District of Texas has issued a nationwide – NATIONWIDE – injunction against the Corporate Transparency Act (CTA). This act of Congress required almost every business in the United States to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), a division of the United States Department of the Treasury, by January 1, 2025.
According to a statement from the National Small Business Association (NSBA), this ruling "…sided in line with NSBA's lawsuit against the U S Treasury Department. That ruling extends an injunction that will stop the CTA from going into effect. This means that now, not only NSBA members, but all small businesses will not have to file their Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN) – for now."
"While this injunction isn't permanent," stated Todd McCracken, President and CEO of the NSBA, "this is a huge relief to the millions of small-business owners across the country who were facing a wildly complex regulatory regime, and fines that could exceed $500 per DAY and up to two years of jail time."
"No small-business owner should be spending time during the holidays worrying about a simple mistake landing them in jail," he continued. "This injunction is a major win, but the battle continues."
Part Three of this news series will detail the role of Senator Marco Rubio in making these new regulations law. Senator Rubio has been nominated by President Donald Trump to be United States Secretary of State in the new Administration.
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