The Corporate Transparency Act (“CTA”) has been subject to nationwide injunctions since December 2024. However, the last of these injunctions has been put on hold, allowing the Financial Crimes Enforcement Network (“FinCEN”) to immediately resume enforcement of CTA filing deadlines for all entities regardless of their date of existence.
FinCEN has set March 21, 2025, as the new deadline for filing BOI reports. While this is the current deadline, there remains a possibility that this date could be adjusted again. It is the Knudsen Law Firm’s recommendation to treat the March 21, 2025 deadline as firm in regards to completing BOI report filings.
Additionally, FinCEN has expressed its intent to reduce burdens associated with coming into compliance with the CTA for lower-risk entities, such as small businesses based in the United States. However, the specifics of this reduction are unclear–such proposed revisions are currently too ambiguous to fully rely on. Therefore, it is important to plan on meeting the March 21, 2025 BOI report filing deadline.
If you have any questions or need assistance with the BOI report filing process, please do not hesitate to reach out to the attorneys at the Knudsen Law Firm.
by: Anthony Budell