We share your frustration with the uncertainty over this requirement, but the enforceability of the Corporate Transparency Act (CTA) has been reinstated. The CTA imposed a requirement for many U.S. business entities to file Beneficial Ownership Information Reports (BOIR) with the Financial Crimes Enforcement Network (FinCEN). In response to complex and rapidly changing rulings of various Federal courts FinCEN has established a new reporting deadline of March 21, 2025. Please note that this can, and potentially will, change again. When it does, we will try to update you, but we recommend that you also take steps to follow credible, independent news sources as well.
To assist businesses in meeting this requirement, Fennemore offers a proprietary CTA Compliance Application designed to streamline the reporting process and reduce the risk of errors, delays, and penalties.
Key Features of Fennemore's CTA Compliance Tool:
- Automated Form Completion – Pre-filled forms minimize manual input and ensure accuracy.
- Advanced KYC/KYB Screening – Identity verification to protect against compliance issues.
- Expiration Detection – Alerts for expired IDs and missing documents before submission.
- Discrepancy Mitigation – Cross-checks filings with state and federal records to prevent penalties.
- SOC II Security Compliance – Your data is handled with high standards.
How This Affects Your Business
Non-compliance with the CTA can result in significant fines and penalties.
Take Action Now
- File Your BOIR Directly – If you prefer to file independently, visit FinCEN's portal.
- For tailored guidance on CTA compliance and access to Fennemore's proprietary resource, contact your Fennemore attorney. Our team can help you navigate the everchanging landscape and assist your business in meeting its filing obligations. Visit www.fennemorelaw.com for more information.
With FinCEN's March 21, 2025, deadline approaching, now is the time to act. Ensure your business remains compliant and avoids unnecessary penalties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
