UPDATE: BOI Reports
A new update has come out on the status of the Corporate Transparency Act (CTA). Context on the previous status of the CTA and details on what a Beneficial Ownership Information (BOI) report is can be found here.
Due to a decision on the U.S. District Court case Smith v. U.S. Department of the Treasury, BOI reporting requirements are now back in effect. Most reporting companies are now required to file an initial, updated, and/or corrected BOI report by the deadline of March 21, 2025.
This requirement may be subject to change in the future, depending on the rulings of multiple ongoing court cases such as Cmty. Ass’n Inst. v. Yellen, Firestone v. Yellen, and Nat’l Small Bus. United v. Yellen, as well as an act that was reintroduced to the US Senate and House of Representatives on January 15, 2025 called the Repealing Big Brother Overreach Act. The ruling on any of these proposed changes could potentially lead to the delay in enforcement or repealing of the CTA.
More information and ongoing updates can be found at https://www.fincen.gov/boi.
