Corporate Transparency Act Reporting Requirements Reinstated; New Deadline March 21

Feb 20, 2025

Earlier this week, the U.S. District Court for the Eastern District of Texas agreed to stay its preliminary injunction against enforcement of the Corporate Transparency Act (“CTA”). Given this decision, FinCEN’s regulations implementing the beneficial ownership reporting requirements of the CTA are back in force.

In response to this decision, FinCEN announced today that it has extended the deadline for most reporting companies to March 21.

During this 30-day period, FinCEN reported 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 also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.

We recommend that our clients observe the March 21 deadline and not await further possible developments.

Reporting companies that were previously given a reporting deadline later than March 21 do not need to file until 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.

There is a possibility that legislative action will further extend the filing deadline, at least for reporting companies formed prior to January 1, 2024. The House of Representatives unanimously passed a bipartisan bill to extend the BOI filing deadline for such reporting companies to January 1, 2026. However, the Senate has not yet acted on that bill. More news to follow.

If you have any questions, please contact Greenspoon Marder‘s CTA Working Group.

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Corporate Transparency Act Reporting Requirements Reinstated; New Deadline March 21

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