On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit lifted the lower court’s nationwide preliminary injunction that had paused the Corporate Transparency Act’s requirements for filing beneficial ownership information (BOI). Before the day ended, FinCEN released a public statement regarding the Fifth Circuit’s ruling, announcing an extension of certain reporting deadlines to allow more time for compliance. The new reporting deadlines are detailed below, according to the official notice on FinCEN’s website:
• Existing companies (formed before January 1, 2024) have until January 13, 2025, to fulfill their BOI reporting obligations.
• Reporting companies created/registered on or after September 4, 2024—that previously had a filing deadline between December 3, 2024 and December 23, 2024—have until January 13, 2025, to file their initial BOI reports.
• Reporting companies created/registered on or after December 3, 2024 and on or before December 23, 2024, have an additional 21 days from their original filing deadline to file their initial BOI reports FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later. Find the notices and deadlines for each hurricane here: https://www.fincen.gov/boi
• Reporting companies created on or after January 1, 2025, will still have just 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
• As indicated in the earlier FinCEN alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
Parasec will continue monitoring the situation and post updates as they are available. If you have any questions or need assistance filing a BOI report, please reach out to our team at BOI@parasec.com.