As we previously updated you, on December 3, 2024, a federal court in Texas temporarily blocked enforcement of the Corporate Transparency Act (CTA) just weeks before the filing deadline. The government appealed, and on December 23, the Fifth Circuit reinstated the January 1, 2025 deadline. However, FinCEN extended the deadline to January 13.
In a surprising twist on December 26, the Fifth Circuit vacated its earlier decision, leaving the injunction in place. As of this writing, companies are not required to file a Beneficial Ownership Information report. FinCEN has yet to respond but is expected to comply with the injunction while continuing to accept voluntary filings. This continues to be a very fluid situation, and we will keep you updated.
Companies that want to file BOI reports can do so on FinCEN’s website.
We are happy to answer your CTA and BOI reporting questions and/or assist with BOI filings. Contact your tax manager/partner at 610-687-1600 or [email protected] for additional information.
Author Christine Fisher-Guyer, CPA, Partner, has provided top-notch accounting services to Stephano Slack’s clients. She manages the firm’s tax auditing and accounting operations and is an excellent problem solver, especially regarding client concerns. Chris can be contacted at 610-710-4729 or [email protected].
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