February 24, 2025
On February 18, 2025, the last remaining nationwide preliminary injunction of the Corporate Transparency Act (CTA), issued by a federal judge in the U.S. Federal District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury, was lifted. As a result, CTA beneficial ownership information (“BOI”) reporting obligations under the CTA are now back in effect.
In response, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has extended the filing deadline for most nonexempt companies (those formed before 2024, during 2024 and in 2025) Initial BOI Reports to March 21, 2025.
FinCEN has also announced that it may assess its options to further modify reporting requirements, which we will keep all clients up to date on.
We will continue to monitor developments and keep our clients updated on any changes impacting CTA compliance. If you have questions or concerns about CTA related matters, please contact Kathleen Millrood.
The information in this notice is informational in nature and should not be taken as formal legal advice. You should consult an attorney for advice regarding your business’ individual situation.
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Kathleen Millrood is an Associate Attorney at Liff, Walsh & Simmons and a member of the firm’s Real Estate, Business Law, and Commercial Finance practice groups.
If you have questions on this article or another business law matter, our attorneys are here to help. Please contact Liff, Walsh & Simmons for assistance.
