IMPORTANT UPDATE: On December 23, the Fifth Circuit Court of Appeals approved a Department of Justice request to remove an injunction placed by a district court, which had declared the Corporate Transparency Act and its beneficial ownership information (BOI) reporting rules as "likely unconstitutional."
Following the Fifth Circuit's decision, FinCEN, the agency responsible for enforcing the Corporate Transparency Act (CTA), announced that companies required to submit BOI information by January 1 now have a new deadline of January 13, 2025.
This situation is rapidly changing, and in the coming days, the challengers in this case may seek further review from the Fifth Circuit or appeal to the United States Supreme Court. Additionally, several other federal courts are currently examining challenges against the CTA.
Are you a business owner of a registered entity such as a corporation, partnership, or LLC or the trustee or beneficiary of a trust that owns such an entity? If so, you may be subject to a reporting obligation under the Corporate Transparency Act (CTA).