The Corporate Transparency Act (CTA) continues to evolve as legal challenges and regulatory adjustments reshape its enforcement. On February 18, 2025, the U.S. District Court for the Eastern District of Texas issued a ruling in Smith v. U.S. Department of the Treasury, effectively reinstating the beneficial ownership information (BOI) reporting requirements under the CTA.
Recognizing that reporting companies may need additional time to comply, the Financial Crimes Enforcement Network (FinCEN) has extended the BOI reporting deadline by 30 days from February 19, 2025. This extension applies broadly, with some exceptions.
Updated BOI Reporting Deadlines
- March 21, 2025: The new deadline for most reporting companies to file their initial, updated, or corrected BOI reports.
- Later deadlines apply where applicable: Companies previously granted extensions beyond March 21, 2025 (i.e., due to disaster relief provisions) should follow their original extended deadline.
- Exemptions remain in place: Plaintiffs in National Small Business United v. Yellen, including members of the National Small Business Association (NSBA) as of March 1, 2024, are not required to report their BOI at this time.
The legal and regulatory landscape surrounding the CTA remains fluid, and businesses should stay informed and consult their legal counsel for guidance.
We will continue monitoring developments and provide updates as they become available. Visit our CTA Resource Page for the latest information, and if you have any questions or need assistance, please reach out to us via our contact form or by calling (605) 224-9189.
