Important Update
As of December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit reinstated a nationwide preliminary injunction against the Corporate Transparency Act (CTA). This decision halts the enforcement of the CTA’s beneficial ownership information (BOI) reporting requirements, including the deadlines previously set by the Financial Crimes Enforcement Network (FinCEN). Consequently, reporting companies are not currently required to file BOI reports until further notice. The Fifth Circuit is scheduled to hear oral arguments on the merits of the injunction on March 25, 2025, which may provide more clarity on future enforcement.
In the meantime, companies should stay informed about further developments and consider consulting legal counsel to ensure compliance once the injunction is resolved.
