By Andi Anderson
The Beneficial Ownership Information reporting requirements of the Corporate Transparency Act (CTA) have been subject to constant changes, causing confusion for many businesses, particularly farmers. Initially, a district court judge imposed a nationwide injunction in early December 2024, halting the enforcement of the CTA’s filing requirements, including the January 1, 2025 deadline for businesses established before 2024. This created uncertainty, with no clear indication of when the injunction would be lifted.
However, the government appealed the injunction and, on Christmas Eve, the Fifth Circuit Court of Appeals granted the government's request, temporarily lifting the injunction and reinstating the CTA deadlines. The deadline was extended to January 13, 2025, requiring businesses to file their Beneficial Ownership Information. But this relief was short-lived.
In another twist, just after the CTA was reinstated, the Fifth Circuit Court issued a new order, putting the injunction back in place. This latest ruling means that the CTA is once again on hold, and there are no enforceable deadlines at this time. The litigation will continue, with an oral argument scheduled for March 2025, but it’s unclear when or if the rules will change again.
For businesses affected by the CTA, it’s important to note that there are no deadlines currently enforced. If you’ve already filed, there’s nothing more to worry about. However, if you haven’t filed yet and believe you may be required to, it’s a good idea to start gathering the necessary information and be prepared for potential future changes. Consulting legal counsel to discuss your situation is always recommended. While there are no immediate actions required, businesses should remain aware of any further developments. As the legal process continues, updates will be provided to keep everyone informed.
Photo Credit: ohio-farm-bureau
Categories: Ohio, Business, Government & Policy