On Feb. 20, we shared that the Corporate Transparency Act (CTA) was back and reporting companies would need to comply by March 21, 2025, or face penalties. That has changed AGAIN! FinCEN has now suspended BOIR enforcement and will extend the deadline.
FinCEN has not announced a new deadline, but committed to doing so by March 21.
What Now?
Businesses are encouraged to watch for updates on this as FinCEN has stated they plan to adjust the rules for small businesses and other low-risk entities.
This is not final and with ongoing legal changes, companies should be ready to file. Voluntary reporting is still an option.
Read more: Treasury Department Announcement