Critical Update for Business Owners: CTA Reporting Deadlines Reinstated
There has been another significant development in the ongoing litigation surrounding the reporting obligations for filing Beneficial Ownership Information (“BOI”) for both domestic and foreign reporting companies required under the Corporate Transparency Act: 31 U.S.C. 5336 (“CTA”). Given the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. In an effort to give reporting companies reasonable time to comply with the latest Court Order, and complete their BOI filings, the Department of the Treasury (“FinCEN”) is generally extending the deadline 30 calendar days from February 19, 2025, for most companies. Therefore, absent further Court Order(s) or extensions from FinCEN, BOI filings must be completed on or before March 21, 2025.
Below is a link to the FinCEN website where you can both obtain up to date information on the CTA and also complete your BOI filings.
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