Recent Updates to the CTA and BOI Reporting Rule: What You Need to Know

On December 18, members of our Corporate Transparency Act (CTA) Task Force hosted a webinar on the recent updates regarding the CTA and the Beneficial Ownership Information (BOI) Reporting Rule that the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued to implement to the CTA, originally scheduled to take effect on January 1, 2025, for entities that existed before January 1, 2024 (when the CTA and the BOI Reporting Rule first became effective).

Our CTA Task Force discussed many topics including:

• Compliance deadlines before the preliminary injunction was ordered
• December 3 preliminary injunction
• December 5 appeal of the preliminary injunction
• FinCEN’s response to the preliminary injunction
• December 17 district court denial of the U.S. Government’s motion to stay the preliminary injunction
• Congressional Bill that may provide for a one-year extension of the January 1, 2025 filing deadline
• Takeaways and next steps