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ARTICLE · 03 JANUARY 2025

Client Alert: Immediate Action Required For CTA Compliance

Fennemore Craig, P.C.
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On December 23, 2024, the Fifth Circuit reinstated the Corporate Transparency Act (CTA) reporting requirements mandating businesses to disclose beneficial ownership information (BOI) to FinCEN.

United StatesCorporate/Commercial Law
Timothy J. Berg
Timothy J. Berg
Paul Cliff
Paul Cliff
Stephen Good
Stephen Good
David A. McCarville
David A. McCarville
Zaki Robbins
Zaki Robbins
Chris Walther
Chris Walther
Doug Youmans
Doug Youmans
Jeff Zucker
Jeff Zucker

Updated December 24, 2024

Deadline: January 13, 2025

On December 23, 2024, the Fifth Circuit reinstated the Corporate Transparency Act (CTA) reporting requirements mandating businesses to disclose beneficial ownership information (BOI) to FinCEN. FinCEN has updated the BOI filing deadlines to accommodate reporting companies affected by the recent legal actions. All non-exempt entities must comply by January 13, 2025, or face penalties.

What You Need to Know:

  • Who Must Report: Most small and medium-sized companies, unless exempt (e.g., publicly traded or regulated entities).
  • What to Report:
    • Reporting company's full legal name, any trade name or "doing business as" (DBA) name, business address, state, tribal or foreign jurisdiction of formation or registration, and taxpayer identification number.

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