To:  Clients and Friends of Fox Swibel Levin & Carroll LLP

Please be aware that on December 23, 2024, the Fifth Circuit of the U.S. Court of Appeals granted the federal government’s request to stay a lower court’s ruling that halted the enforcement of the Corporate Transparency Act (CTA). This ruling reinstates the CTA’s reporting and compliance obligations. Many of the companies who still need to file beneficial ownership information will now need to do so by January 13, 2025.

Given the federal court of appeals decision, the regulatory body responsible for implementing the CTA – Financial Crimes Enforcement Network (FinCEN) – has extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies created or registered in the United States 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 their initial beneficial ownership information reports with FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
• Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

If you have any questions about the CTA and this development, please contact David Morris ([email protected]) or Marcus Lind-Martinez ([email protected]). Thank you.

This article contains material of general interest and should not be construed as legal advice or a legal opinion on any specific facts or circumstances.  Under applicable rules of professional conduct, this content may be regarded as attorney advertising.