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Sector Facing Most Challenges with Corporate Transparency Act by Jan 1, 2025
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Fifth Circuit Lifts Nationwide Injunction, Reinstates Corporate Transparency Act with January 1, 2025 Deadline
Dec 24, 2024, 12:30 AM
The U.S. Fifth Circuit Court of Appeals has reinstated the enforcement of the Corporate Transparency Act (CTA) by staying a nationwide preliminary injunction that had previously halted its implementation. The decision, effective immediately, means that reporting companies must comply with the CTA's beneficial ownership information (BOI) reporting requirements. The stay reinstates the filing deadlines, with companies formed before January 1, 2024, required to file their BOI reports by January 1, 2025, and those formed in 2024 needing to file within 90 days of formation. The Fifth Circuit's ruling came after the government argued that the CTA's constitutionality was likely to be upheld on appeal, despite the district court's earlier conclusion that the act was unconstitutional.
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