Happy New Year! There is a significant development with regard to the Corporate Transparency Act for Beneficial Ownership Information (BOI) reporting requirements that may be applicable to your business.
On December 23, 2024, the Federal Court of Appeals issued a decision that reinstated BOI reporting requirements following a period of uncertainty due to a preliminary injunction temporarily suspending the reporting requirements.
Fortunately, the U.S. Department of the Treasury has acknowledged the need for additional compliance time and has extended the reporting deadlines, which are as follows:
- Companies formed or registered before January 1, 2024: January 13, 2025.
- Companies formed or registered on or after September 4, 2024, with filing deadlines between December 3, 2024, and December 23, 2024: January 13, 2025.
- Companies formed or registered on or after December 3, 2024, and on or before December 23, 2024: 21 days from their original filing deadline.
- Companies formed or registered on or after January 1, 2025: 30 days from formation.
If you would like further information about the CTA or need assistance in complying with the law, please contact us.
Please click below to schedule a meeting or call us today at (212) 619-3100