Regulatory Whiplash! CTA Reporting Back On… Again.

If you’ve been tracking the Corporate Transparency Act (CTA) saga, you’re probably experiencing some legal whiplash. One minute, businesses were told they didn’t have to report beneficial ownership information due to a court injunction. Then, just weeks later, enforcement was back on, and so on an so on.

Now, as of February 18, 2025, the CTA is once again in effect nationwide—at least for now. The back-and-forth have made compliance confusing, but businesses should assume they need to file.

Here’s what you need to know:

• The injunction blocking the CTA was lifted, so FinCEN is resuming enforcement.
• New deadline: Most businesses that would have been required to report during the injunction now have until March 21, 2025.
• Potential extensions: FinCEN is considering deadline relief for lower-risk entities.
• Businesses formed in late December 2024 may get extra time due to the standard 90-day filing window.
• If your deadline was already beyond March 21, 2025, it remains unchanged.

With so many stops and starts, it’s understandable if businesses feel uncertain about their obligations. But as it stands today, CTA reporting is back in force, and missing deadlines may lead to penalties. If you need help navigating these shifting requirements, now is the time to act.

Action Required: Don’t wait—make sure your compliance. Consult with your business lawyer so you’re prepared for any updates and to avoid penalties.

To learn more or voluntarily submit your BOI, visit the FinCEN website by clicking here or on YouTube here: Financial Crimes Enforcement Network (FinCEN) – YouTube.

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