Corporate Transparency Act BOI Reporting Reinstated
Dec 24, 2024On 12/23/24, the U.S. Court of Appeals for the Fifth Circuit granted a stay of the preliminary injunction that a federal district court in Texas issued on 12/3/24 enjoining the Corporate Transparency Act (CTA). This means that the CTA’s Beneficial Ownership Information (BOI) reporting requirements are once again in effect. However, the filing deadlines have been extended slightly.
More details and new filing deadlines – some as early as January 13, 2025 – are available on the FinCen website here: https://fincen.gov/boi.
12/30/24: Corporate Transparency Act (CTA) BOI Reporting Requirements Once Again on Hold
On December 26, 2024, the merits panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the order issued by a different Fifth Circuit panel on December 23, 2024, which had granted a stay of the District Court’s preliminary injunction and revived the CTA’s BOI reporting requirements. This latest order effectively reinstated the District Court’s nationwide injunction of the CTA in Texas Top Cop Shop, Inc. v. Garland. Accordingly, the nationwide injunction is once again in effect and reporting companies are not required to comply with the CTA at this time. Clients with questions about how to proceed in light of these latest developments should contact their Orr & Reno attorney for further guidance.
