On February 27, 2025, FinCEN announced it will be extending the reporting deadline for the Corporate Transparency Act's (CTA) beneficial owner reporting. FinCEN will not take any enforcement action or pursue fines against any entities that fail to comply with the current March 21, 2025, reporting deadline. The new deadline has not yet been announced. In addition to the deadline changes, FinCEN may create additional exemptions to the CTA for reporting companies not covered by a current exemption and make changes to the regulations specifying who is considered a beneficial owner based on substantial control.
We recommend reporting companies wait until the new deadline is announced before making any decisions regarding CTA filings.
The Honigman Corporate Transparency Act Task Force will continue to track any new deadlines for reporting beneficial ownership or any changes to the CTA's reporting requirements. Please contact the Honigman Corporate Transparency Act Task Force with questions regarding your company's filing obligations.
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