In our recent update on the nationwide preliminary injunction issued against the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements, we noted that we would continue to provide updates as the legal situation evolves.
On Friday, December 13, FinCEN submitted an appeal asking for the 5th Circuit Court of Appeals to either overturn the nationwide injunction immediately or to rule that it only apply to the named plaintiffs. In that appeal, the government provided:
The government respectfully requests a ruling on this motion as soon as possible, but in no event later than December 27, 2024, to ensure that regulated entities can be made aware of their obligation to comply before January 1, 2025. The government proposes that plaintiffs’ response be due December 19, 2024, and the government’s reply be due December 23, 2024. Plaintiffs oppose this motion, but take no position on the government’s proposed briefing schedule.
We cannot predict what the result will be, but if FinCEN prevails, it may provide only 4 days to comply or it may choose to extend the reporting period.
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