There have been more developments in the cases arguing the enforceability of the Corporate Transparency Act (CTA). On Monday, December 23, 2024, the U.S. Fifth Circuit Court of Appeals lifted the preliminary injunction, which blocked the enforcement of the CTA, issued by the U.S. District Court of the Eastern Texas earlier this month. This presumably restored the January 1, 2025 deadline for filing of the beneficial ownership information (BOI) report.
However, recognizing that additional time may be needed by reporting companies to comply, given the preliminary injunction, FinCEN has extended the January 1, 2025 deadline until January 13, 2025 for reporting companies created or registered prior to January 1, 2024. These companies will need to prepare and file their initial BOI reports with FinCEN to comply with the January 13, 2025 deadline.
We will continue to update on developments on this matter as the related cases are litigated. If you have questions or need a BOI Report filed on behalf of your company or community association, please contact us here.
Related Information:
Corporate Transparency Act Enjoined
Corporate Transparency Act and Beneficial Ownership Information Reporting Requirements
Are Community Associations Reporting Companies Pursuant to the Corporate Transparency Act?
