FinCEN, the federal agency responsible for enforcement of the Corporate Transparency Act ("CTA"), recently issued an update stating that the beneficial ownership information ("BOI") reporting requirements under the CTA are once again back in effect due to recent court rulings. FinCen has set a new BOI reporting deadline of March 21, 2025. Despite the uncertainty of the court cases pending throughout the country and proposed legislation possibly affecting the CTA, Rees Broome continues to assist our clients with advice related to whether they are required reporting entities and with the BOI reporting itself. If you need assistance, contact your association attorney.
The full FinCen notice can be found here:
https://fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf
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.
