Fifth Circuit Reinstates Corporate Transparency Act, Extends BOI Filing Deadline to Jan 13, 2025

Dec 23, 2024, 11:10 PM

The U.S. Court of Appeals for the Fifth Circuit has reinstated the enforcement of the Corporate Transparency Act (CTA), reversing a lower court's nationwide preliminary injunction. This decision by the 5th Circuit means that the requirement for businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) is back in effect. The CTA, aimed at combating financial crime and enhancing national security, mandates that small businesses disclose personal information about their beneficial owners to FinCEN. The ruling comes just days before the January 1, 2025, deadline for companies existing before January 1, 2024, to comply. In response to the ruling, FinCEN has extended the filing deadline to January 13, 2025, to provide businesses with additional time to meet the new requirements.