Possible One-Year Extension to Comply with the Corporate Transparency Act

On Monday, February 10, 2025, the House approved legislation by a unanimous 408-0 vote that would grant small businesses formed before January 1, 2024, a one-year extension to comply with the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting.

The one-sentence bill simply postpones the beneficial ownership information reporting deadline for most companies to January 1, 2026.

The bill is expected to be passed by the Senate and signed by the President into law.