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Important Update: BOI Filings Required If you were waiting for legal challenges to resolve before filing, that wait is over. The recent injunctions that temporarily halted CTA enforcement have been lifted, meaning FinCEN can now enforce filing deadlines.
Businesses must now comply with Corporate Transparency Act (CTA) filing requirements, with most companies having until March 21, 2025, to submit their beneficial ownership information (BOI) reports.
New CTA Filing Deadlines
Companies must file their BOI reports by March 21, 2025. However, if reporting companies were previously given a deadline beyond March 21, they may file their initial BOI report by that later deadline. For example, if a company's reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline.
Key Legal Developments
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On February 19, 2025 following a federal court decision (Smith v. Treasury), FinCEN announced that CTA reporting requirements are once again in effect.
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Recognizing businesses may need more time, FinCEN granted a 30-day grace period, setting the new filing deadline for most companies at March 21, 2025.
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FinCEN is considering further deadline modifications and intends to revise reporting rules to reduce burdens on small businesses.
Potential Future Changes
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Ongoing Court Cases: While legal challenges to the CTA continue, no current injunctions are preventing enforcement, and no further delays are expected at this time. Courts are divided on whether the CTA is constitutional.
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Congressional Action: The U.S. House of Representatives recently passed a bill to extend the deadline to January 1, 2026 for companies formed before 1/1/24, but the Senate has not yet approved it. If passed, this would only affect older businesses—not newly formed ones.
What Business Owners Need to Do
If your business has not already submitted the required BOI filing, you must file your Beneficial Ownership Information Report by the applicable deadline—March 21, 2025, for most companies. If you have any questions about compliance, consult a legal professional.
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