As previously reported, the U.S. District Court for the Eastern District of Texas granted a preliminary injunction blocking the U.S. Department of Treasury from enforcing the Corporate Transparency Act (CTA) – including the January 1, 2025 beneficial ownership information (BOI) report filing requirement for companies formed prior to January 1, 2024.The Department of Justice appealed this decision and on December 23, 2024, the Federal Court of Appeals for the Fifth Circuit issued a ruling staying the preliminary injunction issued on December 3, 2024.
What does this mean?
It means that while the Department of Justice is appealing the December 3, 2024 case, all reporting companies are required to submit the BOI Report to FinCEN with extended deadlines implemented to accommodate compliance challenges.
At this time, any reporting companies created or registered before January 1, 2024, must file by January 13, 2025, while those registered between December 3 and December 23, 2024, have an additional 21 days. New companies registered after January 1, 2025, will continue to have 30 days post-notice for filings.
Given these updates, it is crucial for all applicable reporting companies to act swiftly and file their BOI reports with FinCEN by the specified deadlines to ensure compliance. If you would like assistance in filing your BOI report, please contact a member of PK Law’s Corporate and Real Estate Group or contact information@pklaw.com and include CTA Report in the email subject line.
Please Note: The filing of the Beneficial Ownership Information (“BOI”) Report is the responsibility of the entity and its beneficial owners. PK Law Attorneys will not take any action or file any BOI reports, whether or not currently or previously engaged as an Attorney for the entity or any of the entity’s beneficial owners, unless expressly engaged to do so.
