Corporate Transparency Act Breaking News: Deadline Reinstated

Late on Dec. 23rd, the Fifth Circuit Court of Appeals has granted a stay over the injunction issued by the U.S. District Court for the Eastern District of Texas earlier this month, and issued a court order reinstating the January 1, 2025 deadline for all corporations to complete the beneficial ownership information (BOI) filing under the Corporate Transparency Act (CTA). This ruling applies to all community associations that meet the criteria (a very large percentage of all community associations).

This continues to be a developing matter, but at this time community associations should proceed to file their BOI reports by January 1, 2025.

You will find the Fifth Circuit Court of Appeals court order here in the case Texas Top Cop Shop v Garland. This order is still not a final ruling on the CTA’s constitutionality. The Fifth Circuit also ordered that the appeal in this lawsuit be expedited to the next available oral argument panel so it continues to be litigated.