REPORTING REQUIREMENTS UNDER CORPORATE TRANSPARENCY ACT REINSTATED– Deadline Extended to January 13, 2025
The practitioners at Salzmann Hughes have been closely monitoring recent developments regarding the Corporate Transparency Act (CTA). On December 23, 2024, the reporting requirements under the CTA were reinstated.
Below is a timeline of important dates and updates*. Please consult the FinCEN Website for additional information and further details on registration deadlines at https://www.fincen.gov/boi.
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January 1, 2024
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The Corporate Transparency Act became effective, requiring most small businesses to register and identify the business’ beneficial owners.
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December 3, 2024
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Federal District Court in Texas issues a nationwide injunction which halted the registration requirement under the CTA.
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LATEST UPDATE-
December 23, 2024
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United States Fifth Circuit Court of Appeals reinstates the registration requirement by lifting the nationwide injunction.
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NEW DEADLINE-
January 13, 2025
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Financial Crimes Enforcement Network of the United States Department of Treasury (FinCEN) extends registration deadlines to January 13, 2025.
For additional information and further details on registration deadlines, please consult the FinCEN Website (https://www.fincen.gov/boi).
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WHAT DOES THIS MEAN FOR YOU?
If you are a company which is required to register your beneficial owner(s) under the CTA, but have not yet done so, the reporting requirement is back in effect, and your deadline is now January 13, 2025*. Please consult the FinCEN Website for additional information and further details on registration deadlines at https://www.fincen.gov/boi.
WE ARE HERE TO HELP
As always, we are here to help. The experienced attorneys at Salzmann Hughes, P.C. can provide guidance in your specific circumstances, and help you develop a compliance strategy that aligns with your business needs.
*Disclaimer Notice: This article is part of an ongoing series on the Corporate Transparency Act. The information provided does not, and is not intended to, constitute legal advice; instead, all information, content, and materials made available are for general informational purposes only. Information in this post may not constitute the most up-to-date information. This post may contain links to other third-party websites. Such links are only for the convenience of the audience or user; Salzmann Hughes, P.C. does not recommend or endorse the contents of the third-party sites.