On December 3, 2024, a federal court issued an injunction against the Corporate Transparency Act (CTA), which required most companies in the U.S. to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) by December 31, 2024.
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the December 3, 2024 injunction. FinCEN was allowed to enforce BOI reporting with a new filing date of January 13, 2025.
On December 26, 2024, an order vacating the stay was issued. The BOI reporting deadline is currently on hold, pending a decision by the merits panel, which is expected in early 2025. If the panel decides to lift the stay (or at least its national applicability), the January 13, 2025 deadline would likely apply, unless FinCEN issues another relief ruling to push it back.
Consult with your business attorney to review the filing requirements and ensure compliance.