Client Notice: Federal Circuit Court of Appeals Lifts Stay of Corporate Transparency Act Enforcement – FinCEN Extends Filing Deadlines

On December 23, 2024, the United States Fifth Circuit Court of Appeals lifted a lower court’s injunction that temporarily prohibited the enforcement of the Corporate Transparency Act (“CTA”), the federal law that requires most small businesses and holding companies (“Reporting Companies”) to make a filing with the Financial Crimes Enforcement Network (“FinCEN”), the federal agency administering the CTA.  As a result of this most recent order, CTA filings are again required to be made with FinCEN. Information regarding the filing requirement and the limited exemptions from filing available to some entities can be found at the FinCEN website (www.FinCEN.gov).

Following the Circuit Court’s order, FinCEN announced the extension of certain filing deadlines.  The updated deadlines for making initial filings with FinCEN are as follows:

• Reporting companies created or registered prior to January 1, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports (“BOIRs”) with FinCEN. (This deadline had been January 1, 2025.)
• Reporting companies created or registered on or after September 4, 2024, that had a filing deadline between December 3^rd and December 23^rd now have until January 13, 2025, to file.
• Reporting companies created or registered 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.
• Reporting companies that are created or registered on or after January 1, 2025, will have 30 days from their creation/registration to file their initial BOIR. (This deadline is unchanged.)

Additional information regarding the filing requirement and the limited exemptions available to some entities can be found at the FinCEN website (www.FinCEN.gov).