FIFTH CIRCUIT COURT OF APPEALS LIFTS NATIONWIDE INJUNCTION BLOCKING ENFORCEMENT OF THE CORPORATE TRANSPARENCY ACT AND BENEFICIAL OWNERSHIP REPORTING

On December 23, 2024 the Fifth Circuit Court of Appeals lifted a nationwide injunction which blocked the enforcement of the Corporate Transparency Act’s requirement for certain business entities to report their beneficial ownership information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN recognizes that reporting companies may now need additional time to comply due to the preliminary injunction that went into effect December 3rd. In general, companies that were created before January 1, 2024 have until January 13, 2025 to file their beneficial ownership reports with FinCEN.

 

FinCEN has put out an alert regarding the revised reporting deadlines. Please refer to this alert to determine your specific filing requirements. A link to the FinCen BOI website where you can find the latest alert and other information is below:

 

Beneficial Ownership Information Reporting | FinCEN.gov<https://www.fincen.gov/boi>