A company's obligation to report its beneficial owners to the federal government is back on - with a new deadline of March 21, 2025.  Here is the latest summary from the Financial Crimes Enforcement Network (FINCEN):

"With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies."

Our firm's clients - both reporting companies and exempt entities - can contact our team to confirm compliance with the CTA's requirements.

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