The legal battle over the Corporate Transparency Act (CTA) continues. Today, FinCEN announced it is resuming enforcement of the CTA, including the Beneficial Ownership Information (BOI) reporting requirements. All reporting entities must file initial and/or updated reports by March 21, 2025.
FinCEN had suspended enforcement of the CTA due to a national preliminary injunction that was still in effect. However, on February 19, 2025, the United States District Court for the Eastern District of Texas granted the government’s request to stay the national preliminary injunction, clearing the way for FinCEN to resume enforcement. Today, FinCEN announced it is resuming enforcement and extended the reporting deadline by 30 calendar days. The new deadline for filing required reports is now March 21, 2025.
Next Steps
Now that filing requirements are instated, reporting entities should:
- BOI reports must be filed by March 21, 2025.
- Updated/corrected reports must still be filed within 30 days of a change in reported information.
How We Can Help You
We have partnered with a third-party platform authorized by FinCen that sends your information directly to FinCen with bank-level security. The system sends an email with a link to each person that walks them through the steps, and we handle everything on the back end. The system also sends out periodic reminders to check if your reporting is up to date or if an amended report is required. This service is a flat rate fee per year, and includes the initial report and any amended reports as needed.
If you have questions about these developments or need assistance with your BOI filing, please reach out to us for guidance. We will keep you updated as the legal fights continue.
Thank you for your attention to this important matter.