The Corporate Transparency Act (“CTA”) and its reporting requirements are back in effect. The Fifth Circuit Court of Appeals has granted the U.S. Government’s motion for an emergency stay of the nationwide CTA injunction. This means the federal injunction that sought to overrule or pause the CTA is temporarily halted. As a result, reporting companies formed before January 1, 2024 are once again obligated to complete their required CTA beneficial owner information reports by the January 1, 2025 reporting deadline, unless an exemption applies. Reporting companies formed during 2024 will need to complete their required CTA beneficial owner information reports within 90 days after formation and reporting companies formed on or after January 1, 2025 will need to file an initial report within 30 days after formation, again, unless an exemption applies.
