There’s been another shake-up with the Corporate Transparency Act (CTA).
On February 17, a federal judge in Texas lifted a previous legal hold on the CTA, meaning the reporting requirements are officially back in effect—at least for now.
You might remember that the Treasury Department had already asked for this hold to be removed, citing a recent Supreme Court decision in a similar case. Now that their request has been granted, the CTA filing deadline has been extended by 30 days.
What does this mean for you?
- FinCEN (the agency in charge of enforcing this) has announced a new deadline of March 21, 2025, for reporting companies to file their Beneficial Ownership Information (BOI).
- There’s also talk of potential modifications to the reporting rules for “low-risk entities,” but no official word yet on what that might look like.
Bottom line: If you haven’t filed yet, now is the time to start getting your documents in order. The linked blog above details how to file.
We’ll keep tracking these developments and let you know if anything changes again.
As always, if you have questions or need help, reach out—we’re here for you!
