CORPORATE TRANSPARENCY ACT UPDATE (AS OF 2/19/2025) CTA INJUNCTION/STAY LIFTED – NEW FILING DEADLINE SET!
On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the nationwide injunction against the CTA. In response to the Order reinstating the CTA, FinCEN issued the following statement (https://fincen.gov/boi) extending the filing deadline 30 days from February 19, 2025, for most companies:
- For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.
- Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
Although FinCEN intends to “assess its options to further modify deadlines” and to “initiate a process … to revise the BOI reporting rule to reduce [the] burden for lower-risk entities”, we recommend that associations (who have not already filed) file before the currently set deadline.
Please contact us should you need assistance in this regard.
This article is not legal advice and is provided for informational purposes only. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction.
