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Two days before Christmas, the Fifth Circuit Appeals Court in Louisiana reversed a Texas court’s injunction of the 2021 Corporate Transparency Act (CTA) and reinstated the law while the court case proceeds, putting the filing requirement back in effect. The original deadline to file was January 1, 2025, but the Biden Administration Department of the Treasury has extended the deadline to January 13, 2025 (Donald Trump gets sworn in President on January 20th). With this filing requirement, small business owners face jail time and fines of up to $10,000 for not reporting who their owners are. The court battles continue into the holiday season and as the new year approaches.

Update as of Friday, Dec. 27, 2024: A separate merits panel of the Fifth Circuit has reversed the Dec. 23rd decision of the motions panel of the Fifth Circuit Court of Appeals which allowed enforcement of the CTA to continue. In its order pausing CTA enforcement, the merits panel stated that, "in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments, that part of the motions-panel order granting the Government’s motion to stay the district court’s preliminary injunction enjoining enforcement of the CTA and the Reporting Rule is VACATED." The case remains before the Fifth Circuit Court of Appeals, as the plaintiffs have requested that their petition be heard before the full court. While litigation continues, the federal government is prohibited from enforcing the CTA.

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Related Links:
Wyoming Business Owners Could Get Jail, $10,000 Fine For Not Disclosing Ownership By Renée Jean, Cowboy State Daily, Dec. 26, 2024
Update on Corporate Transparency Act BOI filing requirement Pinedale Online, Dec. 11, 2024
LLCs required to file new Beneficial Ownership Information (BOI) report by January 1, 2025 Pinedale Online, Nov. 18, 2024