The Corporate Transparency Act (CTA) is back in effect following a 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. To accommodate businesses, the Financial Crimes Enforcement Network (FinCEN) has extended the deadline for filing Beneficial Ownership Information (BOI) reports by 30 days, setting the new deadline for most companies to March 21, 2025.

Key Updates

Deadline Extension: Most companies must file their initial, updated, or corrected BOI reports by March 21, 2025. Companies with pre-existing later deadlines (e.g., disaster relief extensions) should follow those.
Regulatory Adjustments: FinCEN plans to revise BOI reporting rules to reduce burdens on lower-risk entities, particularly small businesses, and may further adjust deadlines during this 30-day window.
Exemptions: Plaintiffs in National Small Business United v. Yellen are not currently required to report their beneficial ownership information to FinCEN at this time.

Filing Information

Reports can be submitted via FinCEN’s e-Filing system at https://boiefiling.fincen.gov.

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