Court Reinstates Corporate Transparency Act Reporting Deadline for January 13, 2025

The Fifth Circuit Court of Appeals reversed a prior injunction, requiring businesses to comply with FinCEN's beneficial ownership reporting requirements.

• The Fifth Circuit Court of Appeals reversed a nationwide injunction that had temporarily blocked enforcement of the Corporate Transparency Act (CTA).
• Businesses created before January 1, 2024, must now file Beneficial Ownership Information (BOI) reports by January 13, 2025, following a 12-day deadline extension by FinCEN.
• The CTA requires companies to disclose beneficial ownership information to combat money laundering, terrorism financing, and other financial crimes.
• Legal challenges to the CTA's constitutionality continue, including claims of potential violations of the Administrative Procedures Act and First and Fourth Amendments.
• Certain entities, such as members of the National Small Business Association as of March 1, 2024, remain exempt from reporting requirements due to separate court rulings.

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