The beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect. On February 18, 2025, the US District Court for the Eastern District of Texas reinstated enforcement obligations under the CTA. Following this decision, the Financial Crimes Enforcement Network (FinCEN) issued updated filing deadlines.
Updated BOI Reporting Deadlines
BOI reporting is now mandatory unless a court orders otherwise. Any reporting company formed as of February 19, 2025, must submit its BOI report within 30 days. However, FinCEN has indicated it will consider the regulatory burden on businesses and may further modify deadlines.
Attorneys at Barclay Damon will continue to monitor any judicial and legislative updates and further guidance from FinCEN regarding the CTA.
If you have any questions regarding the content of this alert, please contact Danielle Katz, counsel, at dkatz@barclaydamon.com; Karina Shahine, associate, at kshahine@barclaydamon.com; or another member of the firm’s Corporate Practice Area.