On December 23, 2024, the Fifth Circuit Court of Appeals stayed the injunction issued earlier in December by a Texas Federal Court. As a result of this stay, the reporting requirements are again enforceable and taxpayers must act quickly to avoid large fines.

The Department of Treasury has provided additional time to comply with the beneficial ownership reporting requirements to account for the time the injunction had been in place. The new, extended deadlines are as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
• Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
• Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.

We encourage you to revisit our November 12th communication for additional information on who is a reporting company and who qualifies as a beneficial owner.

Reporting is done electronically through a secure filing system via the Financial Crime Enforcement Network (FinCEN) website.  To file, and for more information/resources, follow this link: https://fincen.gov/boi.