After months of back and forth, the Corporate Transparency Act (“CTA”) has re-emerged with another update.
The Financial Crimes Enforcement Network (“FinCEN”), which enforces Beneficial Ownership Information (“BOI”) requirements under the CTA, announced that the reporting deadline for all reporting entities to file an initial, updated, and/or corrected BOI report is March 21, 2025.
The March 21 reporting deadline, however, is potentially subject to change. FinCEN recognizes that some companies may need additional time to comply and has indicated that an update on any modified deadlines will be provided before March 21, 2025.
It is important to note that FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for many small businesses in the United States deemed lower-risk entities.
Businesses affected by the CTA should prepare to meet the March 21, 2025 deadline.
It is truly in your best interest to speak with an attorney regarding the CTA. As the CTA is not a tax matter or part of the tax code, and is also not within the scope of our client engagement or services provided to you, we are not able to provide you with any legal advice or counsel regarding the CTA. Attorneys have a particular expertise in this area and are the best equipped to help you.