CTA Reporting Deadline Extended – Key Updates & Next Steps from CAPATA
On February 18, 2025, the last nationwide preliminary injunction blocking the Corporate Transparency Act (CTA) was lifted, reinstating Beneficial Ownership Information (BOI) reporting obligations for businesses.
To ease the transition, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the BOI filing deadline to March 21, 2025, with the possibility of further extensions or exemptions, particularly for small businesses.
What This Means for Your Business
- BOI reporting is now mandatory for most companies.
- Deadline extended to March 21, 2025, unless additional relief is granted.
- Potential exemptions may be introduced for small businesses.
- Ongoing compliance—once a BOI report is filed, companies must update FinCEN on any ownership changes.
Who is Affected?
Most domestic and foreign entities operating in the U.S. are required to report. However, larger companies and certain regulated entities (such as banks or investment companies) may be exempt from the reporting requirements.
Congressional Action & Future Changes
- The House passed H.R.736, proposing an extension to January 1, 2026, for companies formed before 2024. The Senate has yet to act.
- Additional legal challenges and Congressional efforts to amend or repeal the CTA are ongoing.
Next Steps
Businesses should prepare to file by March 21, 2025, but also monitor for potential extensions or exemptions. At Capata CPA, we are tracking these changes closely and can guide you through compliance.
Please be advised that CAPATA does not prepare BOI reports and this article is not intended to provide legal advice. If you are unsure whether these requirements apply to your company, we strongly recommend consulting with your legal counsel to assess your reporting obligations. For general inquiries, feel free to contact us at adminteam@capatacpa.com.
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