By Terry Ann Donner, RN, JD, CCM, CSA
On December 23, 2024, the Fifth Circuit Court of Appeals issued a stay of the preliminary injunction that blocked the enforcement of the reporting requirements under the Corporate Transparency Act. The result is that freelancers and certain other businesses will have to report beneficial ownership information to the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
However, the Department of the Treasury granted an extension of such reporting requirements until January 13, 2025. (The original filing date before the injunction was January 1, 2025).
Certain Exceptions to the January 13, 2025 Deadline
The following companies have different filing deadlines:
- If you created your company or registered it in the United States between December 3, 2024, and December 23, 2024, you will have 21 days from your original filing date to file a beneficial ownership information (“BOI”) report with FinCEN.
- Companies that qualify for disaster relief also have extended filing deadlines that fall well after January 13, 2025.
- If you create your company on or after January 1, 2025, you have 30 days to file your BOI report.
- Plaintiffs in the National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.) and members of the National Small Business Association (as of March 1, 2024) still do not have to file.
What Should You Do
At this time, unless you are a member of one of the specific groups mentioned above, you will need to file your BOI report by the January 13, 2025 deadline.
Whether the stay of the District’s Court preliminary injunction on the BOI reporting requirements will be final depends upon the outcome of the Department of Treasury’s appeal of the District Court’s order. The outcome will determine if the BOI reporting requirements may change again.
Nothing in this article is intended to be legal advice. Please contact your legal advisor if you have any questions regarding your compliance with CTA.
December 24, 2024
Donner Health Communications LLC