BOI Reporting Update December 24, 2024

CTA INJUNCTION OVERTURNED BY APPEAL COURT

On December 23, 2024, The Fifth Circuit Court of Appeals issued a stay on the district court’s nationwide injunction against the Corporate Transparency Act (CTA). As a result, BOI reporting requirements are reinstated with a new deadline of January 13, 2025.

After this stay, FinCEN released an update communicating that all reporting companies must resume filing beneficial ownership information (unless otherwise noted) and file by the updated deadlines.

What This Means for Your Business

If your company is required to file BOI reports, we strongly recommend preparing for compliance by the January 13, 2025 deadline to avoid potential penalties or disruptions.

We will continue to monitor the situation and provide updates as new information becomes available.