UPDATE: Corporate Transparency Act’s Beneficial Ownership Information Reporting Is Back In Effect

By: Margaret Karakashian, Esquire

The U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. has stayed the nationwide order granting preliminary relief under the Corporate Transparency Act (“CTA”), pending the disposition of the appeal before the U.S. Court of Appeals for the Fifth Circuit. As a result, reporting companies must resume with filing their Beneficial Ownership Information Reports (“BOIR”) under the CTA.

Per the Financial Crimes Enforcement Network (“FinCEN”):

• The vast majority of reporting companies now have until March 21, 2025 to file an initial, updated or corrected BOIR.
• Reporting companies that qualified for disaster relief and were subject to an extended BOIR filing deadline must file their BOIR by the later deadline. Please see FinCEN’s notices to determine if you qualify for the later deadline.  

FinCEN has stated in its alert that it will be providing an update before March 21, 2025 of any further modification of the March 21, 2025 deadline.

We are monitoring developments in this regard and will continue to keep you informed through our alerts. If you have any questions, you may contact us by email at info@henlaw.com or by phone at 239-344-1100.