Corporate Transparency Act changes (again)

Top headlines, Country LifeBy Jeffrey K. Lewis, Esq., Attorney and Program Coordinator, Income Tax Schools at The Ohio State University

The Court of Appeals for the Fifth Circuit gave us a series of holiday surprises. The nationwide injunction on the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements is once again in effect. 

On Dec. 23, 2024, we reported that the Court of Appeals for the Fifth Circuit had lifted a nationwide injunction on the CTA and its BOI reporting requirements. Consequently, all reporting obligations were reinstated for businesses nationwide. Following the Fifth Circuit’s decision to stay the injunction, the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) extended the filing deadline for most reporting companies to Jan. 13, 2025. We knew at the time that this would not be the last we would hear of the CTA and BOI reporting requirements, but what we did not know was how quickly another update would occur. … Continue reading