New CTA/BOI Compliance Deadline: March 21, 2025

UPDATE 2/28/25: Just a week after announcing a March 21^st deadline, the Financial Crimes Enforcement Network (FinCEN) has extended the BOI reporting deadline, suspended enforcement, and is working on new regulations to reduce the regulatory burden. See our updated blog post here.

The U.S. District Court for the Eastern District of Texas has lifted the stay on the Corporate Transparency Act (CTA) reporting requirements as of February 18, 2025, following the decision in Smith, et al. v. U.S. Department of the Treasury, et al.

Key Points:

• Mandatory BOI Reporting: Reporting companies must comply by March 21, 2025.
• Deadlines: Companies formed before January 1, 2024, must file initial reports by this date. Others must file updated or corrected reports.
• Further Guidance: FinCEN may provide additional guidance before the deadline, potentially extending the compliance period according to their notice available here: Beneficial Ownership Information

The House passed the “Protect Small Businesses from Excessive Paperwork Act,” proposing to extend the CTA deadline to January 1, 2026, for companies formed before January 1, 2024. The bill is now in the Senate committee.  This recent bill merely delays the filing date but does not consider the repeal of the filing requirement.

If you have general questions about the Act or need instructions on how to file the report, please see our October 2024 update (available here: Corporate Transparency Act). Specific questions about filing requirements should be addressed to your legal counsel.

If you need help with your filing, we need your information by Friday, February 28th to meet this new deadline.