UPDATE: The Corporate Transparency Act Filing Requirement Reinstated – February 20, 2025
On February 18, 2025 U.S. District Judge Jeremy Kernodle, sitting in the Eastern District of Texas, lifted the preliminary injunction against enforcement of the CTA which he had previously issued in Smith v. U.S. Department of the Treasury. The order was granted in connection with the government’s appeal which was filed on February 5, 2025.
In response, FinCEN updated the guidance on its website acknowledging that the injunction has been lifted, and extending the deadline for compliance for companies formed prior to January 1, 2024, until March 21, 2025.
This is certainly not the end of things, however, as the litigation remains ongoing and FinCEN has stated that the March 21, 2025 deadline may be further modified. In addition, FinCEN has advised that it intends to revise the reporting rules to reduce the burden on lower-risk entities, including many small businesses.
We are also keeping an eye on legislation that has been introduced in both the House and the Senate which would further delay the deadline to January 1, 2026 for reporting companies formed prior to 2024. As of today, all reporting companies must file a BOI report by March 21, 2025, but stay tuned for updates.
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