Corporate Transparency Act Enforcement Resumes: New BOI Reporting Deadline Announced

Corporate Transparency Act Enforcement Resumes: New BOI Reporting Deadline Announced

Strauss Troy has been following the rollercoaster ride related to the Corporate Transparency Act enforcement intently over the last couple of months. Most recently, on February 18, 2025, the U.S. District Court for the Eastern District of Texas stayed its injunction of the enforcement of the Corporate Transparency Act (CTA), mandating that businesses comply with Beneficial Ownership Information (BOI) reporting requirements. This stay means that business owners again need to comply with the BOI reporting requirements of the CTA.

Recognizing the need for additional time to meet these obligations, the Financial Crimes Enforcement Network (FinCEN) has extended the reporting deadline by 30 days from February19, 2025. The new deadline for most companies to file initial, updated, or corrected BOI reports is now March 21, 2025. Complete information can be found in the latest FinCEN notice.

‍Key Points for Business Owners:

• Immediate Action Required: With the reinstatement of the CTA's BOI reporting requirements, businesses must ensure compliance by the March 21, 2025, deadline to avoid potential penalties.
• Extended Deadlines for Specific Cases: Companies previously granted a reporting deadline beyond March 21, 2025, such as those qualifying for disaster relief extensions, should adhere to their original, later deadlines.
• Exempt Entities: Members of the National Small Business Association (as of March 1, 2024) involved in the National Small Business United v. Yellen case are currently exempt from reporting requirements. ‍

How We Can Assist:

Navigating BOI reporting can be complex, especially with evolving regulations. And, penalties can be overly harsh if entities don’t strictly comply with its mandates. Our Strauss Troy Corporate/Business department is ready to assist you in understanding these risks and developing a compliance strategy tailored to your needs.

For assistance or more information, please contact:

Liz Reeder, Shareholder
emreeder@strausstroy.com
513.629.9463

Richard Colvin, Shareholder/Chair of Corporate Department
crcolvin@strausstroy.com
513.768.9705