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Fifth Circuit Court vacates motion to stay BOI filing injunction

December 27, 2024

Beneficial Ownership Information reporting guidance continues to change

Beneficial ownership information (BOI) has been a big topic over the last year. On Dec. 3, a federal court in Texas issued a ruling that finds the CTA is likely unconstitutional. Within the decision is an injunction prohibiting the enforcement of the CTA and BOI reporting rule. 

On Dec. 23, the Fifth Circuit Court lifted the injunction, allowing FinCEN to enforce BOI reporting. FinCEN then slightly extended BOI reporting deadlines as follows:

  • Companies created before Jan. 1, 2024, have until Jan. 13, 2025, to file.
  • Companies created between Sept. 4, 2024, and Dec. 23, 2024, have until Jan. 13, 2025, to file.
  • Companies created between Dec. 3, 2024, and Dec. 23, 2024, have an additional 21 days from their original deadline.
  • Companies created on or after Jan. 1, 2025, have 30 days to file after receiving notice.

Late on Dec. 26, the Fifth Circuit Court, through a merits panel evaluating the parties' claims, vacated the motion to stay the injunction. This decision means that FinCEN no longer has the authority to enforce BOI reporting requirements at this time. We are awaiting information to be released by FinCEN on their website for indication of how they intend to proceed. 

More information on BOI including a link to the federal district court decision and news articles can be found on our website under the Resources tab or by clicking on the "Beneficial Ownership Information (BOI)" link to the left of this article.