This afternoon, 12/23/2024, the Fifth Circuit Court of Appeals granted a stay, temporarily overturning a lower court’s decision to block the enforcement of the Corporate Transparency Act (CTA). As a result, the CTA’s reporting requirements are now in effect, and “Reporting Companies” must submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by January 13, 2025.
Compliance is mandatory, and the deadline is fast approaching. While there may be a possibility of an extension, time is limited, so we strongly recommend submitting your filing as soon as possible.
Click here to visit the FinCEN webpage for more information and to submit your filing.
Please get in touch with a WG advisor to discuss how this act may impact your business. Generally, WG does not include the completion of BOI reports within the scope of its engagements. Reporting companies have sole responsibility for their compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. Consider consulting with legal counsel or enrolled agents if assistance in completing BOI reports is necessary.
