On February 19, 2025, FinCEN updated the Alert on its Beneficial Ownership Reporting page stating that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect as a result of the decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. However, FinCEN is generally extending the deadline by 30 calendar days from February 19, 2025, for most companies considering that reporting companies may need additional time to comply with their BOI reporting obligations.
During the 30-day period, FinCEN will assess its options to further modify deadlines to help in reducing regulatory burden on businesses, while prioritizing reporting for those entities that pose the most significant national security risks. In addition, FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.
The FinCEN’s Beneficial Ownership Reporting page can be accessed here.
FinCEN’s full Alert can be found here.