Norton Rose Fulbright LLP

12/24/2024 | News release | Distributed by Public on 12/24/2024 14:26

Corporate Transparency Act reporting requirements reinstated

On December 23, 2024, a three-judge panel of the United States Court of Appeals for the Fifth Circuit stayed the nationwide preliminary injunction, reinstating the reporting requirements under the Corporate Transparency Act for millions of companies.

FinCEN has updated its alert to include an extension of the initial January 1, 2025, reporting deadline, referring to the Department of Treasury's recognition that reporting companies may need additional time to comply with the reporting requirements.

Reporting companies formed or registered prior to January 1, 2024, now have until January 13, 2025, to file their initial Beneficial Ownership Information reports.

Reporting companies formed or registered on or after September 4, 2024, that originally had a filing deadline between December 3, 2024, and December 23, 2024, also have until January 13, 2025, to file their initial Beneficial Ownership Reports.

Reporting companies formed or registered on or after December 3, 2024, and on or before December 23, 2024, have an additional 21 days from their original filing deadline to file their initial Beneficial Ownership Reports.

For more information on the injunction, see our prior analysis in "A Texas-sized injunction for the Corporate Transparency Act." For more information on the reporting requirements and common pitfalls of the CTA, see "The Corporate Transparency Act is here-are you ready?" and "New year, new reporting requirements."