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We are committed to informing clients of the latest developments regarding the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting requirements. Back in December, a Texas case (Texas Top Cop Shop, Inc., et al. v. Garland, et al.) temporarily halted the filing requirements after an initial ruling deemed the CTA requirement likely unconstitutional. This led to a pause in enforcement as the case progressed through the courts. On January 23, 2025, the Supreme Court lifted the Appeals Court’s injunction, requiring reporting companies to file BOI reports under the CTA.
What This Means for Reporting Companies
- The deadline for most reporting companies has already passed.
- FinCEN has not yet announced any extensions or penalty waivers in response to the Supreme Court’s decision.
- Reporting companies that have not yet filed should act promptly to ensure compliance.
Recommended Next Steps
- File Immediately: Reporting companies should prioritize submitting their BOI reports to avoid penalties.
- Stay Alert: We are closely monitoring FinCEN’s response and will notify you if any changes or extensions are announced.
Do not hesitate to contact us if you need assistance or have questions about your company’s obligations under the CTA. We’re here to help you navigate these updates and ensure compliance.