We’ve been keeping you informed about the evolving requirements surrounding the Corporate Transparency Act (CTA), and we wanted to provide the latest update.
As you may recall from our previous communications, the beneficial ownership information (BOI) reporting requirement was initially enacted, then temporarily suspended. However, on February 17, a federal district court judge in Texas lifted that suspension, officially reinstating the reporting requirement.
The Financial Crimes Enforcement Network (FinCEN) has now extended the deadline for most companies. Businesses will have 30 calendar days from February 19, 2025, to file their reports, setting the new due date for March 21, 2025.
FinCEN has also announced a review of the BOI reporting requirements with the goal of reducing the burden on low-risk entities while focusing enforcement efforts on businesses that may pose greater risks to national security. While it’s still unclear which entities will qualify as low-risk, this evaluation is expected over the next 30 days.
For more information and official guidance, we encourage you to visit FinCEN’s website.
If you have any questions about how this impacts your business or need assistance with compliance, please don’t hesitate to reach out to your TFO Wealth Partners team. We’re here to help ensure you stay informed and prepared.
Advisory services provided by TFO Wealth Partners, LLC. Always consult an attorney or tax professional regarding your specific legal or tax situation. We believe this information provided is reliable, but do not warrant its accuracy or completeness. It is provided for informational purposes only and should not be construed as legal or tax advice. Laws may change pursuant to the new administration’s legislative agenda.
This document may contain forward-looking statements. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. All forward-looking statements are subject to various factors, including, but not limited to changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Take caution to not place undue reliance on any forward-looking statements or examples. None of TFO’s or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.
345bWP – 2025.02
