cTA-BOI Reporting-

Nationwide Injunction Lifted

What Does This Mean?

With the injunction lifted, the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury has resumed enforcing BOI reporting obligations. Recognizing the compliance challenges posed by the injunction period, FinCEN has extended the reporting deadlines to January 13th, 2025.

  • Existing Companies (Registered before January 1, 2024): Extended deadline to January 13, 2025 (originally January 1, 2025).

  • Newly Created/Registered Companies:

    • Registered between September 4, 2024, and December 23, 2024: Extended deadline to January 13, 2025.
    • Registered between December 3, 2024, and December 23, 2024: Additional 21 days from the original filing deadline.
    • Registered on or after January 1, 2025: Must file within 30 days of receiving notice of effective creation or registration.

The CTA is a U.S. law aimed at preventing illicit activities such as money laundering and terrorism financing by requiring certain businesses to disclose information about their beneficial owners to FinCEN.

The preliminary injunction temporarily halted the enforcement of the CTA’s BOI reporting requirements nationwide, providing companies with a pause in their reporting obligations.

Yes. FinCEN has extended deadlines to accommodate the period when the injunction was in effect:

  • Existing Companies (pre-January 1, 2024): Until January 13, 2025.
  • Newly Created/Registered Companies:
    • September 4, 2024 – December 23, 2024: Until January 13, 2025.
    • December 3, 2024 – December 23, 2024: Additional 21 days post original deadline.
    • On or after January 1, 2025: Within 30 days of effective creation or registration.

Yes. Entities involved in the National Small Business United v. Yellen case, including Isaac Winkles and related reporting companies, are currently exempt from BOI reporting obligations.

Typically, BOI reports require:

  • Full legal name, date of birth, and address of beneficial owners.
  • Identification numbers such as Social Security numbers or passport details.
  • Information on the nature and extent of ownership or control over the company.

BOI reporting mandates that specified companies provide detailed information about their beneficial owners, including individuals who directly or indirectly control the company, to FinCEN.

The court’s decision to stay the injunction reinstates the enforcement of BOI reporting requirements. Companies must now comply with the CTA’s reporting obligations as directed by FinCEN.

Companies eligible for disaster relief may receive further deadline extensions beyond January 13, 2025. They should adhere to the latest deadline applicable to their situation.

Companies should:

  • Review their registration dates and applicable deadlines.
  • Prepare and submit the required BOI reports to FinCEN by the extended deadlines.
  • Consult legal or compliance professionals if uncertain about their obligations.

Companies should refer to FinCEN’s official website or contact FinCEN directly for guidance. Additionally, consulting with legal counsel or compliance experts is advisable to ensure proper adherence to reporting requirements.