CTA Filing Requirements Reinstated—Most Companies Must File by March 21st
As chronicled in several prior client alerts, the legality of the Corporate Transparency Act’s beneficial ownership information (“BOI”) reporting requirements has been the subject of frequent litigation. In January, the United States Supreme Court weighed in, invalidating a lower court injunction prohibiting implementation of the filing requirements. However, due to a separate nationwide injunction from a different District Court, the reporting requirements remained blocked. On February 18th, that all changed, as the lower court changed its mind, making way for implementation of the BOI reporting requirements yet again.
FinCEN has issued updated guidance, including updated reporting deadlines. For most reporting companies, the deadline to file BOI reports is now March 21, 2025. If you have yet to file a report for your company, gather your information and prepare to do so. If you have any questions, contact MacDonald Illig for assistance.
We will continue to monitor for legislation or further guidance, and update you as that information becomes available. Please reach out to a MacDonald Illig attorney if you have any questions at 814-870-7600.
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