Publish Date : February 28, 2025
There are new developments on the beneficial ownership information (“BOI”) reporting requirements under the Corporate Transparency Act (the “CTA”). Although multiple lawsuits challenging the CTA continue, the nationwide preliminary injunction that prohibited the government from enforcing the CTA’s reporting requirements has been lifted. The Financial Crimes Enforcement Network (“FinCEN”) announced a new reporting deadline of March 21, 2025, but shortly thereafter published another notice stating that by March 21, 2025, it will issue a new rule further extending the BOI reporting deadlines, and that until the new rule is issued and the new filing deadlines have passed, it will not be enforcing the reporting requirements or issuing any fines or penalties for failure to file. So while voluntary filing is still permitted, there will be no penalty for not meeting the current March 21 deadline.
We will continue to monitor the situation.