Appeals Court Lifts Injunction on Corporate Transparency Act; Extends Most Deadlines to January 13

On December 23, 2024, the Fifth Circuit lifted the nationwide injunction on the enforcement of the Corporate Transparency Act (CTA) that was issued by a Federal District Court in Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 (E.D. Tex.) on December 3, 2024.

The lifting of the injunction means that reporting entities are once again required to file their Beneficial Ownership Interest (BOI) reports by the new filing deadline.

Extended deadlines

Recognizing that reporting entities may now need additional time to comply with their filing obligations, the Department of Treasury has granted an extension of the reporting deadlines as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial BOI reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial BOI reports with FinCEN.
• Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial BOI reports with FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
• Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial BOI reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

Actionable item

This article is not intended to provide any legal advice and UHY does not provide services related to CTA or the CTA’s BOI reporting requirements. We strongly encourage you to contact your legal counsel if you have questions regarding the CTA or to assist in your possible BOI reporting obligations.