This article was originally published on January 5, 2024. It was most recently updated on January 2, 2025.

If you’re feeling whiplash about the pending requirements, you’re not alone. The preliminary injunction from December 3, 2024 that temporarily prohibited the federal government from enforcing the Corporate Transparency Act (CTA) was briefly stayed on December 23, 2024 by a panel on the U.S. Court of Appeals for the Fifth Circuit. Beneficial ownership reporting obligations were to begin again with extended deadlines. However, on December 26, 2024, another panel on the same court vacated the order granting a stay of the original injunction. Reporting companies are once again no longer required to adhere to the filing deadlines outlined below. The Brewers Association will continue to monitor developments around the CTA and keep members informed.

Ownership Information Filing Requirements

The Corporate Transparency Act is a new law that requires certain companies formed or operating in the United States to report information about their beneficial owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

The law aims to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security. FinCEN is now accepting beneficial ownership information reports.

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. Those companies required to report this information are referred to as “reporting companies” and are defined below:

• Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.

• Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial report.

Members are urged to visit the FinCEN website to determine whether your company falls under the reporting requirement provisions and to access complete information on the filing requirements. The site contains an excellent Frequently Asked Questions (FAQ) resource to quickly access answers to reporting and filing questions.

As with all legal matters, please consult your attorney or other advisor should you have any questions about your responsibilities in reporting beneficial ownership information.