Due to a federal court ruling entered on the evening of December 3, 2024, the January 1, 2025 deadline for most corporations to file Beneficial Ownership Information Reports is placed on hold for now. Corporations, including most medical practices, no longer have to file by January 1, 2025 as earlier reported.

The U.S. District Court for the Eastern District of Texas entered a nationwide preliminary injunction enjoining the enforcement of the federal Corporate Transparency Act (CTA). The preliminary injunction applies to all reporting companies governed by the CTA and the Final Rule until further order of the court. The Biden-Harris administration may appeal the preliminary injunction on an expedited basis or take other actions on the basis of the court’s decision that may result in the reinstatement of the January 1, 2025, compliance deadline for reporting companies in existence prior to 2024. TMA will closely monitor.

Strangely, the court’s decision did not specifically stay the compliance deadlines for entities formed on or after January 1, 2024. If your practice falls under this narrow category, TMA recommends that you go ahead and file or seek direction from legal counsel.

Entities which already filed need take no further action.

Questions may be addressed to the TMA legal department at legal@tnmed.org