Corporate Transparency Act Injunction Lifted; January Deadline Reinstated

As you may know, the Corporate Transparency Act (CTA) reporting requirements were temporarily paused earlier this month due to a federal court injunction. That injunction has now been stayed by a higher court, the Fifth Circuit Court of Appeals, which reinstated the CTA and its reporting deadlines.

This means that the CTA’s January 1, 2025, compliance deadline is back in effect. Businesses and organizations required to file beneficial ownership reports with the Financial Crimes Enforcement Network (FinCEN) must do so to avoid potential penalties.

If you have not already taken steps to comply, we strongly encourage you to begin. This includes gathering the required information for your filing and submitting that information via the FinCEN website. Our office is available to assist you with this process and answer any questions you may have.

To support you during this time, we will have team members available to help on December 26, 27, 30, and 31. Please do not hesitate to connect with us if you need assistance or clarification.

We share in your frustration over the uncertainty caused by these rapid legal developments, but we remain committed to helping you navigate the CTA’s requirements and will continue to monitor the case closely. Should there be any additional changes, we will provide timely updates.

If you have questions or need to schedule time to discuss your filing requirements, please contact our office.