The CTA is now poised to go into effect, for now, as the United States District Court for the Eastern District of Texas has lifted another preliminary injunction. The Court found that, in light of the Supreme Court’s order in McHenry v. Texas Top Cop Shop, Inc., the preliminary injunction is stayed pending the disposition of the appeal. Thus, the treasury department may now enforce the CTA.
The Financial Criminal Enforcement Network (FinCEN) has determined that beneficial ownership information (BOI) reporting requirements under the CTA are once again back in effect. For the majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. However, this deadline could change. FinCEN has noted it will provide updates before any further modification of the new deadline.
This will not be the last word on the CTA. Though the preliminary injunction is lifted, for now, litigation is ongoing. In the meantime, reporting companies should move quickly to meet the new BOI March 21, 2025, deadline. Setliff Law is prepared to help your business meet its reporting requirements and stay up to date on any further changes regarding the CTA. If you need help filing, or would like to know how the CTA may impact you, please feel free to contact Sean Barrick (sbarrick@setlifflaw.com) at (804) 377-1276, Mitchell Goldstien (mgoldstein@setlifflaw.com) at (804) (804) 377-1269, or Steve Setliff (ssetliff@setlifflaw.com) at (804) 377-1261.
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