Corporate Transparency Act Back in Effect; FinCEN Sets 3/21/25 Deadline for Most Companies

On February 18, 2025, the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. stayed its preliminary injunction against enforcement of the Corporate Transparency Act ("CTA"). Therefore, non-exempt reporting companies must once again comply with CTA filing requirements. FinCEN has announced that the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025, except 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.

FinCEN indicated that before March 21, 2025, it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.

The attorneys here at Stone Pigman will remain steadfast in following the latest developments regarding the Corporate Transparency Act and will continue to provide updates as pertinent information becomes available.

Last updated February 19, 2025.