Corporate Transparency Act Enforcement Injunction Lifted by Fifth Circuit; Reporting Deadline Extended to January 13, 2025

On December 23, 2024, the United States Court of Appeals for the Fifth Circuit lifted the preliminary injunction previously granted by the United States District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland, which temporarily enjoined Corporate Transparency Act (“CTA”) enforcement nationwide.  

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) subsequently announced the following reporting deadline extensions:

• Reporting companies that were created or registered prior to January 1, 2024, have until January 13, 2025, to file their initial beneficial ownership information report (“BOI Report”) with FinCEN. The previous deadline was January 1, 2025.

• Reporting companies created or registered 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 BOI Report with FinCEN.

• 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 their BOI Report 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 on or after January 1, 2025, have 30 days to file their initial BOI Report with FinCEN after receiving actual or public notice that their creation or registration is effective.

In light of the CTA enforcement injunction being lifted, we recommend reporting companies prepare for CTA compliance and submit their respective BOI Report as soon as practicable and no later than the applicable deadline described above.

Hodgson Russ will continue monitoring CTA developments.¹

Disclaimer:

This client alert is a form of attorney advertising. Hodgson Russ LLP provides this information as a service to its clients and other readers for educational purposes only. Nothing in this client alert should be construed as, or relied upon, as legal advice or as creating a lawyer-client relationship.

^{[1] For more information, please see our previous client alerts, “Reporting Requirements Under the Corporate Transparency Act: How Does it Affect My Company?”; “Corporate Transparency Act: FinCEN Updates and Guidance Ahead of January 1, 2024 Effective Date.”; and "Corporate Transparency Act Enforcement Enjoined by Preliminary Injuction"}