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Corporate Transparency Act Reinstated; Filing Deadline Extended to March 21, 2025
On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the remaining injunction against the implementation of the Corporate Transparency Act (CTA) – Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.).
As a result the CTA’s beneficial ownership information (BOI) reporting requirements are back in effect. Following the court’s action, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued Notice FIN-2025-CTA1 extending by 30 days the filing deadline to March 21, 2025.
While FinCEN suggested that an additional extension may be provided, companies required to report should contact their legal advisors as soon as possible and gather the necessary information to report their beneficial ownership in case the March 21 deadline is maintained.
Relatedly, legislation (H.R. 736) to extend the CTA filing deadline to January 1, 2026, passed the House by a vote of 408 to 0 on February 10. The Senate has yet to schedule action on the legislation.
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