News

Deadline for Corporate Transparency Act Filing Up in the Air

March 2, 2025

FinCEN has issued new guidance as of February 28, reagrding enforcement of the Corporate Transparency Act. By March 21, 2025 FinCEN plans to issue an interim final rule concerning beneficial ownership reporting deadlines, with enforcment beginning when the interim final rule becomes final and effective. Check back with the Firm to stay informed on any additional changes as this uncertainty clears up.

Update February 25,2025

The Corporate Transparency Act is back in effect after the U.S. District Court for the Eastern District of Texas entered an order staying the nationwide injuction on the enforcement of the Act. The new deadline for reporting beneficial ownership information is March 21, 2025, subject to change at the discretion of the FinCEN. 

February 1, 2025

Originally scheduled to take effect January 1, 2025, the deadline for most corporations to file their paperwork with the Financial Crimes Enforcement Network (FinCEN) has been pushed back and the future of the rule is uncertain. There have been several court cases that have declared the Act unconstitutional, the rule has been stayed nationwide as courts in several jusrisdictions review filings. Companies that are required to file but do not may face monetary penalties and possibly jail time should the rule survive these challenges. Although there will be more court decisions coming in the weeks ahead, the Firm advises companies to stay in touch with the Firm in the event new deadlines come as a result of court decisions. If you have questions, please contact the Firm.