Update for Corporate Transparency Act for Businesses

Who is affected: All Business Owners

On Feb. 18, a Texas district court lifted the last remaining nationwide block against enforcing the Corporate Transparency Act (CTA), restoring beneficial ownership information (BOI) reporting requirements.

To allow businesses additional time to comply, FinCEN has extended the BOI filing deadline by 30 days for most companies. The new filing deadline is March 21, 2025, unless a later date applies to businesses in a federally declared disaster area. FinCEN is also considering further modifications to reporting requirements and deadlines, particularly for lower-risk small businesses.

It is important to note that on Feb. 10, the U.S. House of Representatives voted 408-0 to postpone the CTA’s reporting deadline to Jan. 1, 2026. The measure is now pending in the Senate.

Also, the U.S. Court of Appeals for the 5th Circuit will hear oral arguments on April 1 regarding an injunction in Texas Top Cop Shop, a case that could further impact CTA enforcement.