Corporate Transparence Act Update — Again

Corporate Transparence Act Update — Again

As of Tuesday February 18th, U.S. District Court for the Eastern District of Texas in the case of Smith v. U.S. Department of the Treasury ruled that the filing requirements for the Corporate Transparency Act (“CTA”) information about beneficial ownership information (“BOI”) are once again back in effect.  Accordingly, the government entity enforcing the BOI filing requirements, the Financial Crimes Enforcement Network (“FinCEN”) released the new deadlines:

  • •Most reporting companies:  March 21, 2025 (or potentially January 1, 2026, IF a bill recently passed in the U.S. House of Representative becomes law).

  • •Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline (e.g. companies that qualified for an extension because of a disaster relief extension) must file their initial BOI report by that later deadline.

FinCEN may further modify deadlines for reporting companies that do not “pose the most significant national security risks.”  FinCEN also informed that it intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.

For further information on the CTA, please see our website or contact dawn@eppscoulson.com.

Information contained in this Memo is intended for informational and educational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.  It is likely considered advertising.  Epps & Coulson, LLP encourages you to call to discuss these matters as they apply to you or your business.  Epps & Coulson, LLP has staff licensed in France and affiliated Counsel offices in New York and Connecticut with lawyers also admitted in Connecticut, District of Columbia Massachusetts (pending), New Jersey, Hawaii, European Union, England and Whales, France (Paris Bar) and Sweden.

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