United States Treasury Department Financial Crimes Enforcement Network (“FinCen”) has extended the deadline for business entities to comply with the beneficial ownership disclosure requirements of the Corporate Transparency Act (“CTA”) to March 21, 2025.
FinCen’s announcement was issued after the United States District Court for the Eastern District of Texas stayed the last remaining nationwide block against enforcement of the CTA, which had been enjoined throughout December and January.
Lawmakers are still considering a further extension on the looming filing deadline. The United States House of Representatives voted 408-0 on February 10 in favor of pushing the reporting deadline to January 1, 2026. The Senate has not yet taken any action on the legislature to extend the CTA deadlines further.
The CTA requires millions of businesses to file entity ownership and control information with FinCEN. Pending further developments, compliance with the CTA is required.
Please contact our Business and Tax Law Practice Group to ensure your business complies with the CTA.
See our previous blogs for more information on the CTA:
· United States Supreme Court Reinstates Corporate Transparency Act
· Corporate Transparency Act Blocked Again By United States Appeals Court
· United States District Court Blocks Corporate Transparency Act Ahead of Looming Deadline
· Reminder: Corporate Transparency Act Compliance Deadline is December 31, 2024 (or Sooner)
· Pulling Back the Curtains on Business Entities: The Corporate Transparency Act
Craig Panholzer is an attorney in Cooper Levenson’s Business & Tax practice group in its Florida office. He concentrates his practice on business transactions, estate planning, special needs planning, probate, and tax matters. Craig may be reached at (954) 889-1856 or via e-mail at cpanholzer@cooperlevenson.com