On February 18, 2025, there was a decision by the U.S. District Court in Texas in Smith et al. v. U.S. Because of this decision, Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.
FinCEN is extending the deadline by 30 calendar days from February 19, 2025, for most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.
The FinCEN webpage states, “FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.”
Please note that it is possible that the Senate may act on the Bill passed UNANIMOUSLY by the House to change the Law and push the filing deadline to January 1, 2026. We will continue to keep you informed.
If you have questions or require additional information, please contact your WG advisor.
The information provided in this alert is for informational purposes only and is based on current tax laws and regulations at the time of publication. It should not be construed as legal, tax, or financial advice. While we strive to ensure accuracy, tax laws are subject to change, and individual circumstances may vary. Please consult with your legal or WG tax advisor before making any decisions based on the information provided. WilkinGuttenplan is not responsible for any errors or omissions, nor for any actions taken based on this content.
