Breaking News On February 18, 2025, the US District Court for the Eastern District of Texas lifted the injunction the reporting obligations and deadlines for reporting companies under the Corporate Transparency Act (CTA). The CTA, effective January 1, 2024, imposes significant reporting requirements on businesses, their owners, and their managers. The CTA was previously put on hold, then reinstated, and put on hold again.
The CTA Is now back in force, and the Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), has issued an alert graciously extending certain deadlines as follows:
| Formation/Registration Date* | Extended Filing Deadline |
|---|---|
| Prior to February 21, 2025 | March 21, 2025 |
| On or after February 21, 2025 | 30 calendar days from formation/registration date |
FinCEN also disclosed that it is exploring options for making the BOI reporting process simpler for certain low-risk businesses.
*For a domestic entity, the date of formation is the first date of (a) actual notice of formation (e.g. the Secretary of State informs the organizer the business is formed) or (b) public notice of formation (e.g. the entity shows as formed on a Secretary of State website).
*For a foreign entity, the date of registration is the first date of (a) actual notice of registration to do business in a US jurisdiction (e.g. the Secretary of State informs the organizer the business is registered) or (b) public notice of registration to do business in a US jurisdiction (e.g. the entity shows as registered on a Secretary of State website).
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Please contact Brian for questions about the BOI filing requirement or help with BOI compliance.
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