BOI/CTA UPDATE: Reporting Requirements Reinstated…For Now

UPDATE: On February 17, 2025, the U.S. District Court for the Eastern District of Texas, in the case Smith vs. Dept. of the Treasury, issued a ruling reinstating the reporting requirements for the Corporate Transparency Act (“CTA”). For most companies, beneficial ownership information (“BOI”) must now be reported to the U.S. Treasury’s Financial Crimes and Enforcement Network (“FinCEN”) by March 21, 2025.?

But wait. There’s more. This may not be the final word. Several other BOI/CTA cases are currently being appealed in various jurisdictions. In addition, on January 15, 2025, the Repealing Big Brother Overreach Act was reintroduced in the US Senate and House of Representatives. If enacted, the bill would repeal the CTA. Check back here for updates.?

What this means for you: To learn more about the BOI/CTA, including how it affects you and your business - now and in the future - book a 15-minute call with me to hear what I recommend for your filing and to discuss how I can support you and your business on an ongoing basis.?

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This article is a service of Will Stafford, Personal Family Lawyer?. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session?, which includes a review of all the legal, financial, and tax systems you need for your business.?

The content is sourced from Personal Family Lawyer? for use by Personal Family Lawyer? firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.