The U.S. District Court for the Eastern District of Texas issued a new order in the ongoing litigation over the enforcement of the Corporate Transparency Act (CTA) on February 18. This order effectively lifts the previous nationwide injunction, meaning that the CTA reporting requirements are now back in force, as confirmed by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury.
FinCEN announced that the deadline for most companies to submit their Beneficial Ownership Information (BOI) under the CTA has been extended by 30 days—the deadline is now March 21, 2025. Reporting companies that were previously given a reporting deadline later than March 21, 2025, must file their initial BOI report by that later deadline.
During this period, FinCEN will consider further adjustments to the deadlines, with priority given to entities deemed to pose the “most significant national security risks.” Additionally, the agency is initiating a process to revise the BOI reporting rule, aiming to reduce the regulatory burden on lower-risk entities, including many small U.S. businesses. But for now, companies should plan to comply with the BOI reporting requirements before the applicable deadline.
Review FinCEN’s notice for more details. For assistance with these issues or any questions regarding CTA, please contact Josh Kin at RCO Law, 419-249-7900.
This article was written by Josh Kin.
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