Update from Spidell regarding the Corporate Transparency Act
Beneficial ownership reporting requirements reinstated (12-24-24)
On December 23, 2024, the Fifth Circuit Court of Appeals stayed the lower court’s preliminary injunction against the beneficial ownership information reporting mandate. (FinCEN Alert) This means that the BOI reporting mandate will remain in effect while the lower court trial proceeds. However, FinCEN has announced a short delay in the deadlines for most businesses. The extended reporting deadlines are now 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 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; and
- 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.
The deadline for those businesses formed after 2024 remains 30 days from the time of formation.
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