Just when you were not sure if you had to comply with the Federal Corporate Transparency Act’s (“CTA”) Beneficial Ownership Information (“BOI”) filing requirements, the United States Supreme Court decided that you do, at least for now. The Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. Bessent—formerly, Texas Top Cop Shop, Inc. v. McHenry and Texas Top Cop Shop v. Garland).
The United States Treasury Department’s FinCEN agency’s regulations implementing the BOI reporting requirements of the CTA are no longer stayed, and subject to any applicable court orders, BOI reporting requirements under the CTA are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies until March 21, 2025.
During this 30-day period, FinCEN advises that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.
FinCEN also 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 more information regarding the CTA and BOI filing requirements, or to file your BOI information, see FinCEN’s BOI website at fincen.gov/boi.
If you have any questions, or if you have any other business questions, please contact Angelo Bolcato, Practice Leader, at (973) 729-1880, or via email, abolcato@lcrlaw.com.
