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Important Corporate Transparency Act Update: Reporting Requirements and Deadlines

On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit issued a ruling staying the preliminary injunction granted by the United States District Court for the Eastern District of Texas that had barred enforcement of the Corporate Transparency Act (CTA) (see our prior alert for more information about the preliminary injunction).

Key Reporting Deadlines:

• For Companies Formed Before January 1, 2024:
  The original deadline of January 1, 2025, has been extended to January 13, 2025.

• For Companies Formed Between September 4 and December 23, 2024:
  • Companies with filing deadlines between December 3 and December 23, 2024, now have until January 13, 2025, to file.
  • Companies formed between December 3 and December 23, 2024, have an additional 21 days beyond their original deadline to submit reports.

• For Companies Formed on or After January 1, 2025:
  Initial BOI reports must be filed within 30 days of formation.

For more details see the see the alert published by FinCEN: "Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions."

What's Next?

While further developments may arise, businesses should be prepared to comply with the reporting requirements of the CTA on or before the applicable reporting deadlines.

Please contact us for further guidance.