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CTA Update: BOI Reporting Obligation is Once Again Suspended

2024-12-29

Author: Mike Chiang of Han Kun LLP

Summary

In a series of significant developments, the United States Court of Appeals for the Fifth Circuit has vacated its earlier stay on the preliminary injunction that had briefly reinstated the Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) reporting requirements. This decision marks another shift in the enforcement landscape, creating continued uncertainty for businesses across the country.

Timeline of events

December 3, 2024

The U.S. District Court for the Eastern District of Texas issued a preliminary injunction, temporarily halting CTA enforcement due to constitutional concerns.

December 23, 2024

The Fifth Circuit initially granted the government's motion for an emergency stay, effectively reinstating CTA requirements, citing the CTA's constitutionality under the Commerce Clause and the minimal compliance burden on businesses.

December 26, 2024

The Fifth Circuit vacated its stay, reinstating the injunction against CTA enforcement to maintain the "constitutional status quo" while the appeal continues.

Impact on BOI reporting requirements and deadlines

BOI reporting obligation is once again suspended. Business entities are NOT required to file BOI reports in accordance with the following deadlines previously announced by FinCEN:

Pre-2024 Entities: BOI filing deadline extended to January 13, 2025 (was January 1, 2025).
Entities with Filing Deadlines Between Dec 3–23, 2024: Filing now due January 13, 2025.
Entities Formed Dec 3–23, 2024: Additional 21 days granted for BOI filing.
Post-January 1, 2025 Entities: No changes; must file within 30 days of creation or registration.

Further guidance from FinCEN or the courts will determine future obligations.

Key takeaways

Compliance Preparation: Businesses may pause BOI filings but should remain prepared for potential changes.
Ongoing Legal Proceedings: The expedited appeal process suggests resolution may come in early 2025.
Stay Updated: Monitor developments as legal proceedings continue.

Important Announcement

This Legal Commentary has been prepared for clients and professional associates of Han Kun Law Offices. Whilst every effort has been made to ensure accuracy, no responsibility can be accepted for errors and omissions, however caused. The information contained in this publication should not be relied on as legal advice and should not be regarded as a substitute for detailed advice in individual cases.

If you have any questions regarding this publication, please contact:

Mike Chiang

Han Kun LLP

620 Fifth Avenue, 2^nd Floor, Rockefeller Center, New York, NY 10020, USA

T: +1 646 849 2888

M: +1 415 269 5589

Email: mike.chiang@hankunlaw.com

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