Following a December 23, 2024, federal Court of Appeals decision, most reporting companies are once again required to file beneficial ownership information with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Previously, on December 3, 2024, the requirements had been put on pause by a federal district court in Texas. To account for the period when the preliminary injunction was in effect, the Department of the Treasury has adjusted and extended some of the filing deadlines. Reporting companies created or registered before January 1, 2024, must now file their initial reports by January 13, 2025, rather than January 1, 2025. Also, companies created or registered after September 4, 2024, that had a previous filing deadline falling between December 3, 2024, and December 23, 2024, now have an extended deadline of January 13, 2025. Companies created between December 3, 2024, and December 23, 2024, will receive an additional 21 days beyond their original deadlines. Disaster relief for qualifying companies may further extend deadlines beyond January 13, 2025. Companies created or registered on or after January 1, 2025, must file within 30 days of receiving creation or registration notice.
The adjusted deadlines follow a series of legal challenges to the Corporate Transparency Act (CTA). Notably, on December 3, 2024, Judge Amos Mazzant of the Eastern District of Texas issued a preliminary nationwide injunction against the CTA in the case of Texas Top Cop Shop, Inc. v. Garland. However, on December 23, 2024, a three-judge panel of the Fifth Circuit Court of Appeals stayed that injunction, allowing the CTA's reporting requirements to resume and remain in effect. While some courts have denied challenges to the CTA, affirming its constitutionality, others continue to hear similar cases. The Department of Justice and the Treasury remain committed to enforcing the CTA, pending the resolution of ongoing appeals. Businesses are advised to carefully review their specific deadlines to ensure compliance with FinCEN's requirements.
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