UPDATE: The prior injunction that paused the required filing of Beneficial Ownership Information (BOI) Reports has been lifted.
FinCEN has now issued an updated deadline of March 21, 2025 to give existing businesses time to comply with the requirement. If a new business is formed, it will have 30 days from the date of formation to file a BOI Report.
This continues to be an evolving situation. For the very latest updates, please visit the FinCEN website.
CTA Background
As we have previously reported, the CTA requires most privately held companies organized in the U.S. (including many non-wholly owned or controlled subsidiaries of public companies) and foreign companies that register to do business in a U.S. state to file an online report with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Last updated: February 26, 2025
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Smith Hulsey & Busey is here to help clients navigate the Corporate Transparency Act and its implications for businesses. If you have any questions about the CTA, please contact Chris Dix at cdix@smithhulsey.com or Sarah Knight at sknight@smithhulsey.com .
This publication intends to offer readers information on current topics of general interest. It is important to note that this publication does not establish, suggest, or formalize the existence of an attorney-client relationship. The content herein should not be regarded as legal advice or opinion, as it may not be applicable to the specific circumstances of a particular situation. Given the continual evolution of guidance in various areas, it is advisable to periodically monitor for updates and seek legal counsel prior to making any decisions.
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