Breaking News: U.S. Court of Appeals Stays Injunction; BOI Reporting Required!
BREAKING NEWS: On December 23rd, the United States Court of Appeals for the 5th Circuit stayed the nationwide preliminary injunction granted by the U.S. District Court which had barred enforcement of the Corporate Transparency Act (CTA).
What does this mean?
Reporting companies are now required to submit Beneficial Ownership Forms with the FinCEN. The Department of Treasury, recognizing that companies might need additional time to comply, has extended the reporting deadline as follows:
- Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information 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 beneficial ownership information 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 beneficial ownership information 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 beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
What should I do?
If you have not yet filed your Beneficial Ownership Form (BOI),you should check as to when your due date has been extended.
Where can I find more information?
You can visit the FinCEN website at http://www.fincen.gov for more information.
