UPDATE: On December 26, 2024, the suspension has been reinstated and reporting companies are no longer obligated to comply with FinCEN’s BOI deadlines. Click here for more details.
UPDATE: On December 23, 2024, the below suspension has been reversed and lifted, reinstating the filing requirement for reporting companies. FinCEN is granting extra time for businesses to comply, with a new January 13, 2025 filing deadline. Click here for more details.
The Corporate Transparency Act (CTA) requires entities to report Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN).
On December 3, 2024, a federal court in Texas issued a national injunction that bars the enforcement of the CTA. The ruling states that “reporting companies need not comply with the CTA’s January 1, 2025 BOI reporting deadline pending further order of the Court.” It is important to note that this is a suspension of the CTA enforcement of BOI filing and is not at this time a complete repeal of the law.
Entities that have not already filed should be aware of the requirements in the event the injunction is overruled in future legal action. The FinCEN website is still active and reporting companies may continue to voluntarily submit BOI filings.
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