As previously noted on our blog, on December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), the U.S. District Court for the Eastern District of Texas issued an order granting a nationwide preliminary injunction against enforcing the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.
On Monday, December 23, 2024, the Fifth Circuit Court of Appeals overturned the injunction. This means that the injunction is no longer in effect, and the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) may again enforce the BOI reporting requirements.
FinCEN has issued an Alert acknowledging that, in light of the federal Court of Appeals’ decision, reporting companies, except those specifically named in the Alert, are once again required to file BOI with FinCEN. The Department of the Treasury acknowledged that reporting companies may need additional time to comply, given the period when the preliminary injunction had been in effect, and accordingly have extended the reporting deadline as follows:
- Reporting companies that were created or registered in the United States prior to January 1, 2024, now have until January 13, 2025, to file their initial BOI reports with FinCEN. (These companies would have been previously required to report by January 1, 2025.)
- Reporting companies that were created or registered in the United States on or after September 4, 2024, now have until January 13, 2025, to file their initial BOI reports with FinCEN. (These companies would have been previously required to report between December 3, 2024, and December 23, 2024.)
- 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 are created or registered in the United States on or after January 1, 2025, have 30 days to file their initial BOI with FinCEN after receiving actual or public notice that their creation or registration is effective.
- 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.
