Wait, What? Beneficial Ownership Information Report – RED ALERT, You Need To Do This Now (December 26, 2024)

Wait, What? Beneficial Ownership Information Report – RED ALERT, You Need To Do This Now (December 26, 2024)

December 26, 2024

To our Clients and Friends:

Wait, What? Beneficial Ownership Information Report – RED ALERT, You Need To Do This Now

One of the possibilities we mentioned in our last update was that the preliminary injunction issued by Judge Mazzant could be stayed by the appellate court.

That happened on December 23, 2024[1]:

Red Alert

Alert: Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions (https://www.fincen.gov/boi)

[R]eporting companies . . . are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024, have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
• Reporting companies that are created or registered in the United States on or after January 1, 2025, have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

Please refer to our previous update to see what you need to do (https://cmxlaw.com/news/beneficial-ownership-information-report-yes-you-need-to-do-this-now-october-9-2024)

We will continue to monitor this situation and provide additional updates as the situation warrants.

For further information or any questions on this issue, please contact Marvin Miller (miller@cmxlaw.com), Head of our Finance and Banking Practice Group.

Crath Miller & Xistris LLP

Offices: New York

For further information, please contact us at info@cmxlaw.com.

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[1] Texas Top Cop Shop, Inc. v. Garland, No. 4:24-cv-00478 (E.D. Tex.)(Dec. 23, 2024), https://www.nfib.com/wp-content/uploads/2024/12/NFIB-CTA-Lawsuit-5th-Circuit-Appeals-Order.pdf.