Corporate Transparency Act Reporting Requirements Re-Instated, Deadline Extended

Following the February 17, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information reporting requirements under the Corporate Transparency Act are once again back in effect (for background information, see previous updates).

Recognizing, however, that reporting companies may need additional time to comply, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) is extending the filing deadline to March 21, 2025, for most companies. During this 30-day extension period, FinCEN will assess options to further modify deadlines, prioritizing entities that pose the most significant national security risks.

For more information, contact Danyal Ahmed or Jessica Manivasager.