Corporate Transparency Act: Reporting Obligations Reinstated
December 31, 2024
CORPORATE TRANSPARENCY ACT:
REPORTING OBLIGATIONS REINSTATED
The reporting required by the Corporate Transparency Act, 31 USC § 5336 (the “Act”) has been reinstated. On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit approved the government’s emergency motion for a stay of the preliminary injunction enjoining enforcement of the ACT. This means that “reporting companies” under the Act will have to file with the Financial Crimes Enforcement Network (“FinCEN”) in accordance with the new deadlines. FinCEN has provided the following updated information for filing deadlines:
- Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
- Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
- Reporting companies created or registered in the United States 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 information reports with FinCEN.
- Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
- Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.