Following a December 23, 2024 decision by the U.S. Court of Appeals, most reporting companies must once again comply with beneficial ownership reporting requirements to FinCEN under the Corporate Transparency Act (CTA). To allow companies time to adjust after a recent preliminary injunction, the Department of the Treasury has extended deadlines:
- Companies Created/Registered Before January 1, 2024: Initial reports due January 13, 2025(extended from January 1, 2025).
- Companies Created/Registered Between September 4, 2024, and December 23, 2024: Initial reports due January 13, 2025, if original deadlines fell between December 3 and December 23, 2024.
- Companies Created/Registered Between December 3 and December 23, 2024: Additional 21-day extension from the original filing deadline.
- Disaster Relief Companies: Deadlines may extend beyond January 13, 2025, based on applicable relief criteria.
- Companies Created/Registered On or After January 1, 2025: Must file reports within 30 daysof receiving creation/registration confirmation.
Notably, plaintiffs in National Small Business United v. Yellen remain exempt from reporting at this time.
Background:
On December 3, 2024, a nationwide preliminary injunction enjoining the CTA was issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland. This injunction was stayed on December 23, 2024, by the U.S. Court of Appeals for the Fifth Circuit, restoring reporting requirements. The Department of the Treasury maintains the CTA is constitutional, with rulings supporting this view from courts in Virginia and Oregon.
For further details, visit the FinCEN website or consult the latest updates from the Department of the Treasury.