CLIENT UPDATE:
December 26th: Corporate Transparency Act Enforcement Halted: Fifth Circuit Reinstates Nationwide Injunction
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit stayed a Texas District Court’s nationwide preliminary injunction in Texas Top Cop Shop, Inc. v. Garland, which had temporarily blocked Corporate Transparency Act enforcement.
As a result of this decision, the U.S. Department of Treasury has issued revised compliance deadlines for submitting beneficial ownership information reports to FinCEN.
Revised Deadlines:
- Companies Created or Registered Before December 2, 2024: Deadline extended to January 13, 2025.
- Companies Created or Registered Between December 3, 2024, and December 23, 2024: Granted an additional 21 days from their original filing deadline.
- Disaster Relief Extensions: Companies qualifying for disaster relief may have deadlines beyond January 13, 2025, and should comply with the later applicable date.
- Companies Created or Registered On or After January 1, 2025: Must file reports within 30 days of receiving actual or public notice that their creation or registration is effective.
Action Required:
Reporting companies must comply with these revised deadlines unless further court action or guidance from the U.S. Department of Treasury alters the requirements. Organizations should monitor developments in Texas Top Cop Shop, Inc. v. Garland for potential changes to enforcement timelines.
This summary is a broad overview of a complex topic, and it does not constitute legal advice. If you have any questions, feel free to contact Casey Moriarty (cmoriarty@omwlaw.com), or any other attorney of the Ogden Murphy Wallace, P.L.L.C. Corporate & Transactions Law Group. If you wish to have your Beneficial Ownership Information filed to the Financial Crimes Enforcement Network by legal professionals, please contact ccollison@omwlaw.com.
