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CTA Reporting Back On!
February 20, 2025
On February 19, 2025, the Financial Crime Enforcement Network (FinCEN) published an updated alert stating that, in view of the Smith district court’s decision lifting its nationwide stay of the CTA reporting rule, “beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.” FinCEN extended the deadline for the “vast majority” of reporting companies filing initial, updated and corrected BOI reports to March 21, 2025 (30 calendar days from February 19, 2025) (see link to full alert Recent Developments: Nationwide CTA Injunction Lifted, New March 21, 2025, Reporting Deadline Set, and Reporting Rule May Be Modified).
