On February 18, 2025, a U.S. District Court for the Eastern District of Texas stayed the preliminary injunction which halted enforcement of the Corporate Transparency Act’s (CTA) reporting requirement.
This action means the CTA’s reporting requirements are once again in effect and mandatory.
FinCEN issued guidance about updated reporting deadlines. Most companies are required to file a report by March 21, 2025. Going forward, newly formed companies will have 30 days from the date of formation to file their initial report.
This is likely not the last word on the CTA and its reporting requirements. Litigation is ongoing and Congress is considering a bill to extend the reporting deadline. In its most recent guidance, FinCEN held open the possibility of further changes to the filing deadlines.
In light of this most recent development, companies that have not filed their BOI report should prepare to meet the current deadline.
Woods Rogers Corporate & Business Transactions attorneys and Business Services
