The Corporate Transparency Act (CTA) reporting requirements have been reinstated, with a March 21, 2025 deadline for filing Beneficial Ownership Information (BOI) reports for most existing businesses. This follows the February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas, which lifted the nationwide injunction that had paused CTA reporting obligations. Entities must take immediate action to comply and avoid penalties.

What You Need to Do:

• Collect necessary information: Gather the required details about your company's beneficial owners (individuals who own or control the company).
• Submit your report: File an initial, updated, or corrected BOI report through the official FinCEN e-filing portal by the deadline.
• Stay Updated: While the deadline is set, ongoing legal changes may affect future reporting timelines, so remain vigilant.

We will continue to monitor the situation for changes. Please contact Gutwein Law if you need any assistance in meeting your CTA compliance obligations.

On December 23, 2024, the Fifth Circuit Court of Appeals issued an order lifting the nationwide injunction that had previously blocked enforcement of the Corporate Transparency Act (CTA). However, just three days later, on December 26, 2024, the Fifth Circuit unexpectedly vacated that order, restoring the injunction. As a result, the CTA’s beneficial ownership information (BOI) reporting requirements remain blocked once again. This rapid reversal has created significant confusion for businesses

Current Status:

• No filing is Required: Businesses are not required to submit BOI reports under the CTA at this time.
• No Changes Expected Until March: It is unlikely that any further changes will occur until the oral arguments scheduled for March 2025.
• Voluntary Filing: While we do not expect any changes until March 2025, businesses may still choose to voluntarily submit beneficial ownership information now to avoid any potential issues if the injunction is unexpectedly lifted.

Next Steps:

Gutwein Law understands the confusion this situation has caused, and we want to reassure you that we are actively monitoring developments in this area. If you have any questions or need further clarification on how this affects your business, please do not hesitate to reach out to us.

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.

[Lafayette, IN] — December 20, 2024 — Gutwein Law, a business law firm representing some of the most forward-thinking businesses in the world, is proud to announce that Shannon Middleton has been named a partner at the firm. Middleton’s promotion to partner is a testament to her exceptional work ethic, dedication to client advocacy, and unwavering commitment to the firm’s goal of delivering unparalleled legal services.

The Corporate Transparency Act (CTA) requires most companies to file a Beneficial Ownership Information (BOI) report with FinCEN. The filing deadline for existing companies is January 1, 2025, and newly formed companies in 2024 must file within 90 days.

However, on December 3, 2024, a federal court in Texas issued a nationwide injunction, temporarily halting the enforcement of the CTA. The court ruled that the law is likely unconstitutional.

What Does This Mean for Your Business?

• No Immediate Filing Requirement: You are not required to submit the BOI report (or amendments to previously made BOI reports) and will not face penalties for failing to do so while the injunction remains in effect.
• Appeal Uncertainty: The government is expected to appeal this ruling, but it remains uncertain whether the appeal will be successful. If the filing requirements are reinstated, businesses could face last-minute deadlines and should be prepared to comply by collecting the necessary information.
• Voluntary Filing: Companies can still choose to file voluntarily now, which may help avoid a rush if the injunction is lifted and deadlines are reinstated.

This ruling is temporary, and the situation could change depending on the outcome of the appeal. Please contact Gutwein Law with any questions.