Corporate Transparency Act Resources
— Update: February 21, 2025 —
In February 18, 2025, a federal court took action that reinstates the requirement that all reporting companies subject to the Corporate Transparency Act’s (CTA) filing requirement that have not already filed a Beneficial Ownership Information Report (BOIR) under the Act are once again required to file.
The Financial Crimes Enforcement Network (FinCEN) has announced that the deadline for filing a BOIR for nearly all reporting companies is March 21, 2025. The sole exception is for the small number of reporting companies with an original filing deadline later than March 21, 2025. Their filing deadlines remain unchanged. FinCEN noted that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.
McLane Middleton will resume compiling reporting information and submitting BOIRs on behalf of client reporting companies that paused while the filing requirement was suspended. Any client reporting company that initially requested that McLane Middleton proceed on its behalf, but that no longer wishes for our firm to do so, must notify us by email or other writing, or by speaking directly with a McLane Middleton attorney.
Court cases challenging the constitutionality of the CTA are pending in multiple courts across the country. Additionally, there are Congressional efforts to extend filing deadlines, limit the scope of the CTA, or repeal the CTA. McLane Middleton will monitor these developments, and issue notices if significant changes occur.
If you have questions about the reinstated filing requirement, please contact your McLane Middleton attorney or attorney Tony Delyani at (603) 334-6935 or tony.delyani@mclane.com.
WEBINARS:
January 23, 2024 – Attorneys Patrick Closson and Tony Delyani presented a Corporate Transparency Act webinar. To view the webinar replay click here.
LATEST UPDATES:
December 26, 2024 – On December 26, 2024, the United States Fifth Circuit Court of Appeals reversed a December 23, 2024 court decision that lifted the injunction on enforcement of the Corporate Transparency Act. The result of this reversal is that reporting companies required by the CTA to submit a Beneficial Ownership Information Report to the U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, are no longer required to do so. All filing deadlines established shortly after the injunction was lifted, including the January 13, 2025 deadline for filings by reporting companies formed before 2024, are no longer in effect. To read the rest of client notice, click here.
December 24, 2024 – On December 23, 2024, the United States Fifth Circuit Court of Appeals lifted a lower court’s injunction that temporarily prohibited the enforcement of the Corporate Transparency Act (“CTA”), the federal law that requires most small businesses and holding companies (“Reporting Companies”) to make a filing with the Financial Crimes Enforcement Network (“FinCEN”), the federal agency administering the CTA. As a result of this most recent order, CTA filings are again required to be made with FinCEN. Information regarding the filing requirement and the limited exemptions from filing available to some entities can be found at the FinCEN website (www.FinCEN.gov). To read the rest of the client notice, click here.
December 3, 2024 – On December 3, 2024, the United Stated District Court for the Eastern District of Texas issued an injunction temporarily prohibiting the federal government from enforcing the Corporate Transparency Act nationwide. Pending a final ruling, companies subject to the CTA, known as “reporting companies,” are not required to comply with the CTA’s reporting requirements or filing deadlines. To read the rest of the client notice, click here.
January 1, 2024 – The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. To read more, click here.
December 21, 2023 – The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI). FinCEN is committed to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. BOI will provide essential information to the law enforcement, intelligence, and national security professionals working to protect U.S. economic and national security. Financial institutions will also have access under certain circumstances. FinCEN has also issued two interagency statements to give banks and non-bank financial institutions guidance on the interplay between the final rule and FinCEN’s existing Customer Due Diligence Rule. To read more, click here.
November 29, 2023 – The Financial Crimes Enforcement Network (FinCEN) issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. To read more, click here.
RESOURCES:
The documents found in the categories below include important information on the CTA including key questions, fact sheets, and filing dates.
If you would like additional information visit the FinCEN website here.
CONTACT:
If you need further assistance or have a question please reach out to Attorney Anthony Delyani:
