Corporate Transparency Act BOI Reporting Reinstated; Deadline Extended to January 13, 2025, but Qualified Hurricane Extensions to July 1, 2025, Remain in Effect
On December 23, 2024, a federal court in Texas lifted the nationwide suspension of Beneficial Ownership Information (“BOI”) reporting under the Corporate Transparency Act, overturning a lower court’s December 3 ruling that the law is likely not Constitutional.
FinCEN, which administers the law, quickly extended the original January 1, 2025, deadline for pre-2024 companies to January 13, 2025. It also provided a 21-day extension for companies formed between December 3 and December 23.
Subject to those exceptions, the law applies in the same way as it did before the stay.
Notably for many Florida-based businesses, neither pronouncement changes the extension for hurricane-affected businesses with principal locations in areas eligible for both FEMA relief and IRS tax relief. Qualifying entities existing before January 1, 2024, and some entities formed during 2024 have until July 1, 2025, to file.
Verify in detail the application of these deadlines to your businesses, as other relevant requirements, rules, and nuances also may affect your deadlines.
For more information on the Corporate Transparency Act, read our prior summaries here:
Corporate Transparency Act Beneficial Ownership Reporting Suspended, Held Likely Unconstitutional
Ensuring Compliance With The Corporate Transparency Act
Corporate Transparency Act Blog Series (Part 1) – The Corporate Transparency Act’s Implications