RBS News

Written By: Kimberly S. Basta | 2025-02-20

CORPORATE TRANSPARENCY ACT IS BACK IN EFFECT

As of February 18, 2025, the U.S. District Court for the Eastern District of Texas has lifted the stay on enforcement of the Corporate Transparency Act (“CTA”).  This means that is again mandatory to file a Beneficial Ownership Information Report (“BOIR”) with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).  FinCEN has issued a notice extending the deadline for filing until March 21, 2025. 

FinCEN also states in its notice that in the next 30 days it will be “…assessing its options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security risks.” 

FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.   

Additional Scam Alerts:

FinCEN has also recently issued several scam alerts warning businesses not to click, scan QR codes or respond to any emails or letters attempting to solicit CTA information.  FinCEN does not send any communications requesting CTA information from businesses or individuals.  The BOIR should only be filed via the official United States Government website located at  https://fincen.gov/boi. 

What does this mean for business owners?

Those businesses that have already filed an initial BOIR do not need to do anything further and are not required to file any updates to their BOIR pending further action from the courts. Businesses who have not yet filed an initial BOIR should prepare to do so by March 21, 2025, but be should also be aware that changes to deadlines and reporting requirements may take place before or after that date. 

Businesses should continue to monitor for updates and additional guidance.  Ross Brittain & Schonberg Co., LPA will continue to alert you to any decisions that impact BOIR filing requirements.  If you would like assistance preparing or filing a BOIR or if you have any questions, please contact Kimberly Basta at kbasta@rbslaw.com.