On December 23, 2024, the Fifth Circuit Court of Appeals granted the government’s motion to stay the preliminary injunction previously issued in Texas Top Cop Shop, Inc., et al. v. Garland, et al.,[i] which reinstated the obligations of small businesses to file Beneficial Ownership Information (BOI) Reports under the Corporate Transparency Act (CTA).
Following the ruling, the Financial Crimes Enforcement Network (FinCEN) provided a small extension from the previous filing deadline of January 1, 2025 to January 13, 2025. This short turnaround window means that small business should immediately prepare and gather information to file their BOI reports as soon as possible, if they have not done so already to avoid any negative consequences imposed by the CTA, which include fines and criminal liability for failing to comply with the reporting mandates.
The attorneys at O’Reilly Rancilio P.C. will continue to monitor matters regarding the CTA and are available to counsel clients on reporting and compliance requirements. Please don’t hesitate to contact Charles E. Turnbull at cturnbull@orlaw.com or Arvin F. Zora at azora@orlaw.com if you have any questions.
[i] Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.).
© 2025 O'Reilly Rancilio P.C.|Legal Disclaimer|Privacy Policy