The Federal Appeals Court hearing arguments on the Corporate Transparency Act (“CTA”) has provided a holiday surprise (again). The 5th Circuit Court of Appeals has reversed its position handed down just days ago and will allow the District Court's preliminary injunction of the reporting requirements in the CTA (originally requiring disclosure of beneficial owner information by Dec. 31, 2024) to remain in effect.
That means that corporate entities do NOT have to file BOI reports until further notice from the appellate court, if at all. If the requirement to file goes back into effect, expect a short extension on the time frame to file.
For the most recent updates, visit KSM’s FinCEN insights page.
