On December 23, 2024, the Fifth Circuit Court of Appeals stayed the nationwide preliminary injunction issued by a Texas district court against the Corporate Transparency Act (CTA), reinstating the CTA and its January 1, 2025 deadline for filing of beneficial ownership information (BOI) reports by reporting companies formed prior to January 1, 2024.
In response to the timing of the ruling and the approaching deadline, the Financial Crimes Enforcement Network (FinCEN) has extended the reporting deadlines as follows:
- For reporting companies formed before January 1, 2024: These companies now have until January 13, 2025, to file their BOI reports (extended from the original January 1, 2025 deadline).
- For reporting companies formed on or after September 4, 2024: These companies which had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their BOI reports.
- For reporting companies formed between December 3, 2024 and December 23, 2024: These companies are granted an additional 21 days from their original filing deadline to file their BOI reports.
- For reporting companies eligible for disaster relief: These companies may have extended deadlines that fall beyond January 13, 2025. In such cases, they should adhere to the later applicable deadline.
- For reporting companies formed on or after January 1, 2025: These companies must file their BOI reports within 30 days of receiving actual or public notice that their formation is effective.
Attorneys at Wolfson Bolton Kochis PLLC are available to assist with CTA compliance. Please contact Amy H. Smith ([email protected]) for more information.
