Important BOI Reporting Update
On December 23, 2024, the United States Court of appeals for the Fifth Circuit granted a motion to lift the December 3rd preliminary injunction against the Corporate Transparency Act (CTA) and its reporting rules.
The CTA established new reporting requirements that affect many businesses, necessitating certain companies to disclose their beneficial owners through filings with the Financial Crimes Enforcement Network (FinCEN). For more information, please refer to our earlier blog here.
Due to the timing between this decision and the original filing due date, FinCEN has granted a 12-day extension, giving most reporting companies until January 13, 2025 (instead of January 1, 2025) to file their Beneficial Ownership Information Report (BOI).
The original BOI filing requirements are now back in full effect. All entities formed prior to January 1, 2024 and still in existence on January 1, 2024 must file their initial BOI report by January 13, 2025 unless they qualify for one of the filing exceptions.
Copeland Buhl recommends that clients seek advice from their legal counsel regarding their CTA filing requirements.