On February 27, 2025, FinCEN announced that it will neither issue any fines or penalties nor take any other enforcement action against companies for failing to file or update BOI reports by the current March 21 deadline.
Corporate Transparency Act: Judge Clears Way for CTA; Reporting Requirements Back in Effect
2.20.2025
Entities subject to the Corporate Transparency Act's beneficial ownership information reporting requirements have faced uncertainty due to paused enforcement, but recent court decisions have reinstated these requirements, with a new filing deadline set for March 21, 2025, while ongoing court proceedings and potential modifications to deadlines continue to create a fluid situation.
Recent developments in the courts suggest that, while the government will continue to defend the validity of the CTA, FinCEN is prepared to extend the reporting deadline for all reporting companies by at least 30 days following a stay of the remaining nationwide injunction.
