Important Corporate Transparency Act (CTA) Deadline Extended

What You Need to Know

A new deadline of March 21, 2025 has been set for most small businesses to comply with reporting their beneficial ownership information (BOI) with FinCEN.

However, the Department of Treasury has promised to review the rules and to make changes to these reporting requirements to make them less burdensome to entities that do not pose a national security risk. Unfortunately, there is no guarantee that these changes will be made before the March 21st deadline.

Finally, businesses who are members of the National Small Business Association (as of March 1, 2024) are still not currently required to report their beneficial ownership information at this time due to pending litigation.

Should you wish to no longer have to follow the constantly changing rules, you can comply by reporting your BOI with FinCen here: https://boiefiling.fincen.gov.

Should you wish to hold off on reporting, you should periodically check for updates here: https://www.fincen.gov/boi.