Reporting Requirements Under Corporate Transparency Act Reinstated After US Court of Appeals Lifts Preliminary Injunction – BOI Reports Now Due January 13, 2025

On December 23^rd, the US Court of Appeals, Fifth Circuit, granted the government’s motion and lifted the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) issued by the US District Court for Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland. This allows the government to enforce the law while the case proceeds, including the deadline for the initial filing of the Beneficial Ownership Reports (“BOI Report”) required by the CTA for entities existing prior to January 1, 2024.

Given that companies may need additional time to comply, The Financial Crimes Enforcement Network (FinCen) has announced the following extended reporting deadlines:

• Reporting companies existing prior to January 1, 2024 have until January 13, 2025 to file their initial BOI reports
• Reporting companies created or registered in the US on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial BOI report
• Reporting companies created or registered in the US on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial BOI report
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.

The 30 day deadline for companies formed or registered in the US on or after January 1, 2025 has not changed nor has it been extended.

See https://fincen.gov/boi for more details and information.

The situation involving the CTA filing requirement is rapidly evolving. It is possible that further review from the Fifth Circuit or the United States Supreme Court could be initiated, and other federal courts are actively considering challenges against the CTA. As of this time however, the rules must be complied with.