Enforcement of the Corporate Transparency Act (“CTA”) has resumed. On December 23, 2024, the Fifth Circuit Court of Appeals lifted the preliminary nationwide injunction previously issued by a federal district court in Texas. In response to this development, the Department of Treasury updated deadlines for filing of beneficial ownership reports (“BOI reports”) as follows:
- Reporting companies created prior to January 1, 2024 have until January 13, 2025 to file their initial BOI reports (the previous deadline was January 1, 2025).
- Reporting companies created on or after September 4, 2024 that had their original filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial BOI reports.
- Reporting companies created between December 3, 2024 and December 23, 2024 have an additional 21 days from their original filing deadline to file their initial BOI reports.
- Reporting companies created on or after January 1, 2025 have 30 days to file their initial BOI reports as was previously the case.
You can read the full update by the Department of Treasury here. All BOI reports must be filed electronically with FinCEN, as was previously the case.
If you have questions about your particular situation, please reach out to your Tuthill & Hughes attorney to schedule a call. This alert is for information purposes only and does not constitute legal advice.