Author: Nick Milcarek, CAMS
With the recent decision by the U.S District court of the Eastern District of Texas in Smith v. U.S. Department of the Treasury, the beneficial ownership requirements enacted by the Corporate Transparency Act (CTA) are once again back in effect. The original deadline for this ruling was February 19, 2025, for businesses, but has been extended to March 21, 2025. FinCEN noted that it will consider extending the deadline for entities that do not pose a significant national security risk. Many local, small businesses across the U.S. are likely to fall into this category.
As a best practice, banks should remind their customers of these deadlines to file, though banks are not required to file for them.
Please see the attached 2/18/2025 FinCEN release below:
FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf
With the recent decision by the U.S District court of the Eastern District of Texas in Smith v. U.S. Department of the Treasury, the beneficial ownership requirements enacted by the Corporate Transparency Act (CTA) are once again back in effect. The original deadline for this ruling was February 19, 2025, for businesses, but has been extended to March 21, 2025. FinCEN noted that it will consider extending the deadline for entities that do not pose a significant national security risk. Many local, small businesses across the U.S. are likely to fall into this category.
As a best practice, banks should remind their customers of these deadlines to file, though banks are not required to file for them.
Please see the attached 2/18/2025 FinCEN release below:
FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf
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