The Corporate Transparency Act (CTA)
On January 23, 2025, the U.S. Supreme Court ruled to lift the injunction that was preventing the
Financial Crimes Enforcement Network (FinCEN) from enforcing the CTA. So, if you’ve been
holding off on reporting your beneficial ownership information (BOI), it’s time to take action!
What’s Happening?
The Supreme Court’s decision means that all reporting companies are now required to
finalize their BOI analysis and submit the relevant information to FinCEN. Previously, the
injunction had paused enforcement of this rule, but with this latest development, those reporting
requirements are back in full swing.
Waiting for the Next Step!
As of now, FinCEN has yet to issue any formal guidance on whether there will be an official
filing extension from the U.S. Department of the Treasury. When the injunction was temporarily
lifted before, FinCEN granted a brief two-week extension for companies to submit their reports.
Will another extension come to the rescue? We’re all waiting to see!
So, what’s the takeaway? If you still need to report your BOI, now’s the time to get
moving—unless FinCEN decides to give you a little extra time.
Please visit CAI’s Corporate Transparency Act resource page for additional information.
