4/4/25 - An Update on the Corporate Transparency Act (CTA)

I had completely forgotten about the CTA because the deadline for filing was March 21, 2025. Although I waited until the last moment, I managed to complete the task on time. Yesterday, a client reached out to inquire about the status of the CTA and whether he needed to file. Initially, I was very concerned, as he would be approximately two weeks past the deadline if he had not filed. I was prepared to advise him to file and reassure him that, based on my latest information, the Treasury was not enforcing the statute.

However, before contacting him today, I decided to verify the current status. Upon checking, I found the latest update. Here it is directly from FINCEN:

ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so.

Hope this clears up any confusion. It did for me!!