Business Owners Alert: CTA Reporting Requirements Reinstated
February 20, 2025We wanted to inform you of a critical update regarding the Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act (“CTA”).
On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the injunction that had paused the requirement for reporting companies to submit BOI reports to the Financial Crimes Enforcement Network (“FinCEN”). As a result, the reporting requirements are back in effect. The U.S. Department of the Treasury has updated the deadline to assist businesses in complying with the requirements after the recent suspension.
Updated Deadlines
- Unless FinCEN has granted your company a later deadline, the new deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025.
What Should You Do Next?
Your company should take steps to ensure timely submission of its BOI report on or before the March 21, 2025 deadline to avoid penalties. If you need assistance with compliance, please contact us for guidance.
We will continue to monitor any additional updates regarding this matter and will keep you informed.
Please note this is a general overview of developments in the law and does not constitute legal advice. Nothing herein creates an attorney-client relationship between the sender and the recipient. If you have any questions, please feel free to contact Ilana T. Pearl at (212) 701-4011 or via email at IPearl@cullenllp.com, or Gabriella Greenhoward at (212) 510-2204 or via email at GGreenhoward@cullenllp.com.