On December 23, 2024, the US Court of Appeals lifted the nationwide preliminary injunction blocking the enforcement of the Corporate Transparency Act (the “CTA”). The recent lifting of the preliminary injunction against the CTA means the government can now enforce the law, including the deadline for filing a beneficial ownership information report (a “BOI report”). This means entities that existed prior to January 1, 2024, now have until January 13, 2025, to file their initial BOI reports with the Financial Crimes Enforcement Network (“FinCEN”). The 30 day deadline for entities formed on or after January 1, 2025 has not changed.
Despite the ongoing legal challenges and potential further review from higher courts, the CTA filing requirements are currently in effect and entities must comply.
Please contact your Sheehan Service Partner if you have any questions.
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