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News

Feb 21, 2025Client Alert

FinCEN Sets New Deadline for Corporate Transparency Act Reporting

On February 18, 2025, the United States District Court for the Eastern District of Texas stayed its prior order enjoining enforcement of the Corporate Transparency Act’s reporting requirements. With no other effective judicial orders enjoining enforcement, reporting companies are again required to file BOI reports.

Following the Texas court's ruling, FinCEN set a new reporting deadline of March 21, 2025.

On the back of several constitutional challenges and significant public backlash against the CTA, the United States House of Representatives (the “House”) recently passed a bill (H.R.736) that would delay compliance with the CTA until January 2026. The bill passed the House unanimously and is now being considered by the Senate. However, until the bill passes the Senate and President, reporting companies should ensure they file their BOI reports before March 21, 2025.

Michael Best has attorneys who can advise companies on complying with the CTA. Please contact a member of our team for more information.

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