Corporate Transparency Act Suspended: Jan 2025 Deadline Halted

In a move that seems perfectly timed to disrupt holiday business planning, the Corporate Transparency Act (CTA) has hit another roadblock, with the U.S. Court of Appeals for the Fifth Circuit suspending BOI reporting requirements that were set to take effect in January 2025.

This latest development comes after a whirlwind of legal activity surrounding CTA compliance. While the Fifth Circuit initially lifted a nationwide injunction earlier this week—which would have required business owners to submit Beneficial Ownership Information (BOI) Reports by January 13, 2025—the court reversed its decision on December 26, 2024. Apparently, nothing says “Happy Holidays” quite like keeping American business owners guessing about their FinCEN reporting obligations.

What does this CTA court ruling mean for business owners? For now, you can put those BOI Reports on hold. The beneficial ownership reporting requirements are suspended while the government’s appeal moves forward on an expedited basis. The Fifth Circuit is expected to issue its final decision in early 2025.

For those following this Corporate Transparency Act legal saga, stay tuned. The CTA enforcement remains paused until further notice, but given the fast-moving nature of this case, business owners should remain prepared for potential changes to beneficial ownership reporting requirements in the coming months.

Have questions about your CTA reporting obligations? Contact Commonwealth Counsel Group PLLC for guidance.