On December 23, 2024, the Fifth Circuit Court reinstated the Corporate Transparency Act's reporting requirements, which had been temporarily blocked by a Texas District Court. This means businesses must now report their Beneficial Ownership Information to the U.S. Department of the Treasury’s FinCEN.
To give businesses more time to comply, the filing deadlines have been extended as follows:
- For reporting companies created or registered prior to January 1, 2024: The deadline to file initial beneficial ownership information reports with FinCEN is now January 13, 2025 (originally due by January 1, 2025).
- For reporting companies created or registered in the U.S. on or after September 4, 2024 that had a filing deadline between December 3, 2024, and December 23, 2024: The new deadline to file initial reports is January 13, 2025.
- For reporting companies created or registered in the U.S. between December 3, 2024, and December 23, 2024: These companies have an additional 21 days from their original filing deadline to submit their initial reports.
- For reporting companies qualifying for disaster relief: These companies may have extended deadlines beyond January 13, 2025, and should follow whichever deadline falls later.
- For reporting companies created or registered on or after January 1, 2025: These companies must file their initial reports within 30 days after receiving actual or public notice of their creation or registration.
Please contact Gutwein Law if you need any assistance in complying with the Corporate Transparency Act.
