Dear Clients,

We want to alert you to a significant development regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA):

• BOI Reporting Deadlines Extended to January 13, 2025: Despite earlier legislative proposals to extend the deadline for existing reporting companies to January 1, 2026, Congress did not include this extension in the final budget bill. Nonetheless, FINCEN published on its website that former January 1, 2025 filing deadlines would be extended to January 13, 2025.
• Court Decision Reinstates BOI Compliance: On December 23, 2024, the Fifth Circuit Court of Appeals granted the government’s request to stay a nationwide preliminary injunction that previously halted BOI enforcement. As a result, BOI compliance requirements are now reinstated pending the court’s expedited review of the appeal.
• Reporting companies formed after January 1st, 2025, are still required to file within 30 days from formation.

What This Means for You:

• The reporting businesses that were created prior to January 1st, 2024, has been extended by the FinCEN to January 13,2025.
• Businesses subject to BOI reporting must plan to meet this deadline unless further legal developments provide otherwise.

We will continue monitoring this matter and provide updates as necessary. If you have questions about your reporting obligations or need assistance with compliance, please don’t hesitate to contact us.