On Dec. 23, 2024, the U.S. Court of Appeals for the Fifth Circuit granted the government's emergency motion for a stay of a District Court's nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA). The appellate court's unpublished order in Texas Top Cop Shop v. Garland reinstates the act, which has a year-end deadline for non-exempt companies to comply.
However, in an alert published on its beneficial ownership information (BOI) page, FinCEN extended the reporting deadline for companies formed before September 2024 to Jan. 13, 2025.
McGuireWoods will monitor developments closely. However, companies now have less than three weeks to conduct the analysis and, if non-exempt, gather the required information and file a BOI report. McGuireWoods has counseled dozens of clients on this analysis and stands ready to assist.
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