On December 23, 2024, the Fifth Circuit of the U.S. Court of Appeals issued an order that effectively reinstitutes the Corporate Transparency Act (CTA) deadlines. As explained in more detail here, the CTA requires new and existing companies to disclose to the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department certain beneficial ownership information (BOI) about the individuals who ultimately own or control those reporting companies.
As a result of the timing of the Fifth Circuit order staying the preliminary injunction, FinCEN has extended some of the reporting deadlines, including that reporting companies created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial BOI reports with FinCEN.
FinCEN has designed an electronic filing platform specifically for submitting beneficial ownership reports as mandated by the CTA. FinCEN’s website includes a link to the BOI E-Filing System and additional information on reporting exemptions and beneficial ownership.
If you need assistance with reporting beneficial ownership information to FinCEN or guidance regarding compliance with the CTA, please email CTA@utbf.com.
