Corporate Transparency Act Update: FinCEN sets new March 21, 2025 Reporting Deadline

On February 18, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a notice setting March 21, 2025 as the deadline for reporting companies to file a Beneficial Ownership Report (BOI). FinCEN set the new deadline after BOI reporting requirements under the Corporate Transparency Act (CTA) once again took effect after a decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al. 6:24-cv-00336 (E.D. Tex.) lifted the last remaining nationwide injunction blocking BOI reporting under the CTA.

Reporting companies (i.e., those formed before 2024, during 2024 and in 2025) that have not yet filed a BOI report should prepare now to comply with the new March 21, 2025 deadline to avoid potential fines and penalties. While FinCEN indicated in its notice that it may modify certain, yet unspecified, CTA requirements to alleviate filing burdens on certain entities, and it is still possible that CTA deadlines may be extended by an act of Congress, we expect that the new March 21, 2025 deadline for CTA compliance will stay in place for at least the next few months.

Reporting companies formed on or after February 18, 2025 will have 30 days from the date of formation to comply with the CTA’s BOI reporting requirements.

For more information on the Corporate Transparency Act, see our previous post here. If you have any questions about the CTA or its reporting obligations, please contact James McLaughlin at james@bgmlawgroup.com.

BGM Law Group is a law firm specializing in business, privacy, and cybersecurity law. With practitioners admitted in California, Connecticut, Massachusetts, New York and Texas, BGM Law Group can help you and your business with a variety of legal needs.