The rules around the Corporate Transparency Act (CTA) keep shifting, and businesses need to stay on top of the latest changes. Here’s where things stand now:
- March 21 Deadline is Back – A court had put the filing requirements on hold, but that pause was lifted on February 18. FinCEN has now confirmed that businesses must file their Beneficial Ownership Information (BOI) reports by March 21, 2025.
- Possible Deadline Extension for Some – The U.S. House passed H.R. 736, a bill that would extend the BOI filing deadline to January 1, 2026—but only for businesses that existed before January 1, 2024. The Senate still needs to approve it, and if it does not pass, the March 21 deadline remains.
- Late Filings Before the Court Pause – Some businesses were required to file before the original court ruling paused enforcement. FinCEN hasn’t clarified what happens to those who missed earlier deadlines. To avoid potential penalties, filing as soon as possible is the safest move.
- Types of Reports Due by March 21– This deadline applies to:
- Initial Reports – For businesses filing for the first time.
- Updated Reports – If ownership details have changed.
- Corrected Reports – If a previous filing had mistakes.
- FinCEN’s Next Steps – FinCEN has said it is reviewing ways to ease the filing burden on small businesses and may adjust deadlines again. However, for now, the March 21 deadline is in place.
What to Do Now
- Businesses formed before January 1, 2024 may get an extension if the Senate passes the bill.
- Businesses formed in 2024 or later should plan to file by March 21 unless a new delay is announced.
- Businesses that were late before the court pause should file as soon as possible to be safe.
For now, businesses should assume the March 21 deadline stands and take steps to comply. Businesses should seek legal counsel if they have questions regarding the CTA and BOI requirements.
About the Author. Marcio Soares is an experienced Estate Planning Attorney and Army Veteran. He served his country with distinction and now brings that same dedication to serving the estate planning needs of Texas residents. To learn more about Marcio and the Soares Law Firm, PLLC, go to https://soareslawfirm.com.
