UPDATE (December 27, 2024): A Fifth Circuit Court of Appeals review panel has once again blocked Corporate Transparency Act (CTA) reporting requirements for businesses pending a final decision by the panel on the constitutionality of the law. Read our latest update here.
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In breaking news regarding Corporate Transparency Act (CTA) compliance, on December 23, 2024, a three-judge panel of the 5th U.S. Circuit Court of Appeals issued a ruling striking the December 3 injunction from a lower court. This decision has significant implications for entities subject to the CTA, and because of the appellate court’s ruling, the previous compliance obligations are reinstated. This means that non-exempt “reporting companies” formed prior to January 1, 2024, must resume mandatory reporting by electronically filing Beneficial Ownership Information (BOI) Reports on or before January 13, 2025.
Update: FinCEN has issued an update, granting extensions to reporting companies that may need additional time to comply. Visit fincen.gov/boi for specific deadline information.
The Stokes Lawrence team is continuing to monitor this closely and will share updates as they develop. If you are a current client working with our team on CTA reporting, we will be in contact with you soon. If you have any questions about how this development may impact your compliance obligations, please contact a member of the Stokes Lawrence team.
Click here to read our previous client alert about the Corporate Transparency Act reporting requirements.
