Beneficial Ownership Information (BOI) reporting obligations under the Corporate Transparency Act (CTA) are back in effect with a new deadline!
On February 17, 2025, a federal judge lifted the stay he had ordered on January 7th, which had prevented the Government from enforcing the BOI Rule on a nationwide basis. Just recently, on February 18th, the Financial Crimes Enforcement Network (FinCEN) released a notice that announced the following key updates:
Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines.
For more info, click this link for the FinCEN Alert
Before the new March 21, 2025 deadline, FinCEN may “further modify deadlines” for entities that do not pose significant national security risks, and if FinCEN does so, another update “recognizing that reporting companies may need additional time to comply” will likely be issued.
Currently, there are numerous cases challenging the CTA that will work through the legal system. Additionally, Congress might take preemptive action. On February 10, 2025, the U.S. House of Representatives unanimously passed H.R.736, which would give FinCEN authority to extend the compliance deadline for pre-2024 reporting companies to January 1, 2026. A companion bill in the U.S. Senate to repeal the CTA remains pending as well.
While this remains a fluid situation, reporting companies should plan to comply with the March 21, 2025 deadline for filing BOI reports.
Please immediately consult your attorney for further guidance on your compliance requirements if you have not previously filed.
Nichols, Cauley is a CPA firm authorized to practice public accounting. The preparation or assistance in the preparation of CTA forms or required filings currently may not fall under the allowable practices of public accounting firms.