Since the Corporate Transparency Act came into effect, there have been several updates that impact whether or not Reporting Companies need to file or not. We will be compiling newsworthy updates here for reference. As always, please refer to your counsel for advice on whether or not you need to file.
Corporate Transparency Act is back in Effect, deadline to file of March 21, 2025. However, FinCEN released guidance that they would likely be moving the deadline further back by March 21st.
From FinCEN:
Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule
Following 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, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.
FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
This status could change at any time which could impact whether or not your need to file - see previous news updates for examples.
1/23/2025 - the Supreme Court lifted the nationwide injunction for Texas Top Cop Shop, Inc., v. McHenry, but one remains in place from Smith v. U.S. Department of Treasury.
12/26/2024 - a "merits panel" of the Fifth Circuit Court vacated the stay of filing on the Corporate Transparency Act, and and reinstated the nationwide preliminary injunction.
12/23/2024 - a "motions panel" of the Fifth Circuit Court granted a stay on the preliminary injunction on the Corporate Transparency Act, meaning Reporting Companies must file by their respective deadlines. FinCEN extends deadline to file for Reporting Companies created before 2024 to January 13, 2025.
12/3/2024 - the U.S. District Court for the Eastern District of Texas entered an order enjoining enforcement of the CTA and its corresponding Reporting Rule, meaning Reporting Companies did not need to file while the preliminary injunction remained in effect.
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