BOI Reporting – Recent U.S. District Court Ruling – 02/18/25 UPDATE

Important Update for Small Businesses: New Corporate Transparency Act Changes

On Tuesday, February 18, 2025, there were new updates to the Corporate Transparency Act.

Following a recent decision by the U.S. District Court for the Eastern District of Texas in the case Smith, et al. v. U.S. Department of the Treasury, et al., the Financial Crimes Enforcement Network (FinCEN) has announced that the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect. The new deadline for most companies to report this information is March 21, 2025.

FinCEN has also said that it will look into the possibility of adjusting deadlines again. They will focus on making sure that the companies that pose the most significant national security risks report first. This year, FinCEN plans to revise the BOI reporting rule to make it easier for lower-risk entities, including many U.S. small businesses, to comply.

For more information, please contact the CTA team at [email protected].

This entry was posted on Tuesday, February 18th, 2025 at 4:00 pm and is filed under Corporate/LLC Compliance, Small Business News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.