5th Circuit Court of Appeals Reinstates 12/31/24 BOI Reporting Deadline for Small Businesses

by | Dec 24, 2024

ARTICLE | December 24, 2024

In a recent development, the 5th Circuit Court of Appeals ruled to reinstate the original Beneficial Ownership Information (BOI) filing deadline under the Corporate Transparency Act. The court reversed its prior decision rejecting the Financial Crimes Enforcement Network’s (FinCEN) appeal, thereby lifting the injunction and restoring the deadline of January 1, 2025.

This decision comes as a significant update for small businesses, who are now required to meet the reinstated deadline unless further guidance is issued. It effectively overrides the earlier advocacy efforts to delay this deadline, compelling businesses to adjust their planning and compliance strategies accordingly. 

While the push for a delay continues by many business advocates, businesses are advised to consider meeting the initial deadline. The repercussions of missing this deadline could be substantial, and thus, businesses ought to prioritize meeting the set timelines. 

 

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