The Fifth District Court of Appeals on Thursday issued a stay for the controversial "Corporate Transparency Act," which would require 33 million small business owners file "beneficial ownership reports" with the federal government by January 1, 2025, under penalty of up to $250,000 in fines and five years in prison.
The order by the Fifth District reversed the previous decision from a three-judge panel on the Fifth Circuit, who on Monday reversed the December 3 preliminary injunction imposed by District Judge Amos Mazzant in Texas, which blocked enforcement of the law until the courts reached their final decision.
