By: Katherine A. Day, Esq. (kad@efclaw.com) and
Matti C. Tacy, Esq. (mct@efclaw.com)
Corporate Attorneys, Egan, Flanagan and Cohen, P.C.
The Corporate Transparency Act (“CTA”) reporting requirement saga continues. On February 18, 2025, the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury, 6:24-cv-00336 (E.D. Tex.), issued an order that reinstated the beneficial owner information (“BOI”) reporting requirements under the CTA. The following day, FinCEN extended the deadline for most companies to comply with their BOI reporting obligations to March 21, 2025. Certain reporting companies that have been given a later reporting deadline (e.g., due to disaster relief extensions) must file their BOI report by that later deadline.
FinCEN has advised that during this 30-day extension it “will assess its options to further modify deadlines, while prioritizing reporting for entities that pose the most significant national security risks.” In the meantime, reporting companies should prepare and plan to submit their BOI reports in compliance with the March 21st deadline and pay attention to further updates from the courts.
Egan, Flanagan and Cohen’s corporate team continues to follow these ongoing developments and remains ready to assist with any CTA questions. Nothing in this legal update should be construed as legal advice. However, if you have any questions regarding the CTA or your business’s obligations, you can contact our team directly by contacting Attorney Kate Day, Esq. at kad@ecflaw.com or Attorney Matti Tacy, Esq. at mct@efclaw.com or by calling (413) 737-0260.
