December 26, 2024

On December 23, 2024, the United States Court of Appeals for the Fifth Circuit dissolved the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) initially issued by a U.S. District Court in Texas Top Cop Shop, Inc., et al. v. Garland, et al. As a result, all BOI reporting requirements and deadlines have been reinstated, but with the following modifications:

• For reporting companies created or registered before January 1, 2024 – These entities must file their initial BOI reports with FinCEN by January 13, 2025 (extended from the original deadline of January 1, 2025).
• For reporting companies created or registered between September 4, 2024, and December 23, 2024:
  • Entities with filing deadlines between December 3, 2024, and December 23, 2024, now have until January 13, 2025, to submit their initial BOI reports; and
  • Entities created or registered between December 3, 2024, and December 23, 2024, are granted an additional 21 days beyond their original filing deadline.
• For companies created or registered on or after January 1, 2025 – These entities have 30 days from the effective date of their creation or registration to file their initial BOI reports with FinCEN.

Texas Top Cop Shop is one of several cases pending in federal courts over the constituationily of the CTA. The ultimate fate of the CTA remains uncertain, but, for now, reporting companies should immediately revive their compliance efforts in advance of the new deadlines.

Gilpin Givhan continues to closely monitor the developments with the CTA and will provide updates as they become availalbe.