Beneficial Ownership Information (BOI) requirements are now back in effect following a December 23rd ruling by a federal court of appeals. The new deadline is January 13, 2025.
The injunction on the Corporate Transparency Act (CTA) has been temporarily lifted and the deadline for business owners to register with the Financial Crimes Enforcement Network (FinCEN) is back in effect. This means the compliance deadline for reporting companies can be enforced under the law and business owners are facing an impending January deadline for filing BOI reports. The deadline has been extended to January 13, 2025.
The ruling comes from the New Orleans-based 5th U.S. Circuit Court of Appeals and allows the law to be enforced as the case proceeds. The situation continues to be fluid; further appeals, even as far as the U.S. Supreme Court, are still possible.
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The filing process itself is relatively simple, but the rules for determining which entities must file and what information must be filed can be complicated. Nemphos Braue attorneys can help you determine which of your entities are “reporting companies” under the CTA and what beneficial ownership information will need to be disclosed. Fill out our contact form.
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Updates directly from FinCEN
News coverage from Reuters
About the Corporate Transparency Act
