Reporting Companies Have Less Than Three Weeks to File Beneficial Ownership Info With FinCEN

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On Dec. 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted the government’s emergency motion for a stay of a District Court’s nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). The appellate court’s unpublished order in Texas Top Cop Shop v. Garland reinstates the act, which has a year-end deadline for non-exempt companies to comply.

However, in an alert published on its beneficial ownership information (BOI) page, FinCEN extended the reporting deadline for companies formed before September 2024 to Jan. 13, 2025.

McGuireWoods will monitor developments closely. However, companies now have less than three weeks to conduct the analysis and, if non-exempt, gather the required information and file a BOI report.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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