Corporate Transparency Act – Reinstated

The Corporate Transparency Act (CTA) is officially back in action, with a new deadline for businesses to submit their beneficial ownership information (BOI) reports. After a February 17, 2025 court ruling lifted a nationwide injunction, the Financial Crimes Enforcement Network (FinCEN) announced that most businesses must file their initial or corrected BOI reports by March 21, 2025.

This deadline applies to most entities, except for those that have received extensions due to disasters or other special circumstances. However, businesses should be aware that future rule changes could affect these deadlines. FinCEN is currently reviewing reporting requirements, with a focus on easing compliance for smaller or lower-risk businesses.  

For many companies, this is the final push to comply with the CTA’s reporting rules, after a series of delays. Failure to meet the new deadline could result in fines or penalties. As the situation evolves, businesses will need to stay informed of any regulatory updates. While the CTA’s return is a big change, there’s a possibility that further adjustments could make the process less burdensome for smaller entities down the line.