As a result of the Fifth Circuit's emergency stay, the January 1, 2025 deadline for the Corporate Transparency Act — which requires over 33 million businesses in the United States to file beneficial ownership information or face penalties of up to $10,000 — has been reinstated.

FinCEN has appealed a recent federal court ruling that temporarily blocked the Corporate Transparency Act (CTA) and its Beneficial Ownership Information Reporting (BOIR) rules. Along with the appeal, FinCEN has requested an emergency stay to reverse the injunction and potentially reinstate the January 1, 2025, compliance deadline. If granted, businesses would need to comply with the reporting requirements, which include disclosing ownership details.