IMMEDIATE DEADLINE: March 21, 2025 for Federal Filing Requirement regarding the Corporate Transparency Act (CTA) required for Business Owners
by Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
We are reaching out with an important update regarding the Corporate Transparency Act (CTA) reporting requirements for business owners. In 2024 we sent E-mails notifying our clients of the Federal filing requirement for Business Owners.
Effective February 19, 2025, the Fifth Circuit Court of Appeals issued an Order reinstating the CTA deadlines. This decision overturns the December 26, 2024 nationwide injunction issued by the U.S. District Court for the Eastern District of Texas, which had temporarily halted enforcement of the CTA.
What This Means for Business Owners
The CTA applies to many small and otherwise unregulated entities, requiring them to file beneficial ownership information reports with the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury. These reports must disclose information about individuals who own or control the entity, as well as those involved in its formation. FinCEN may share this information with authorized government authorities or financial institutions under specific circumstances.
Updated Compliance Deadline
To accommodate the reinstatement of these requirements, FinCEN has set a new deadline of March 21, 2025, for most companies. Businesses that meet the CTA’s reporting criteria must ensure compliance by this date to avoid potential penalties.
Immediate Action Required
With this reinstatement now in effect, all “reporting companies” under the CTA are required to comply fully with FinCEN’s regulations. Non-compliance may lead to significant penalties, so we strongly urge you to act promptly to meet these reporting obligations.
For more details, visit FinCEN’s official website: https://fincen.gov/boi. The reporting process is straightforward and should take just a few minutes.
Click here for the February 19 alert and resource links on the Idaho Secretary of State website.
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