Beneficial ownership reporting under the Corporate Transparency Act (CTA) is back on — for now — with most companies facing a rapidly approaching March 21 deadline. But compliance professionals and business owners who’d hoped for a degree of finality may be disappointed, as FinCEN, the Treasury Department agency charged with gathering beneficial ownership information (BOI) reports under the CTA, says it may further extend the deadline and, injecting even more uncertainty, will begin a process to revise its rules later this year.
Reinstatement of CTA reporting followed a Feb. 18 decision by the US District Court for the Eastern District of Texas, which granted the Treasury Department’s request to stay its own Jan. 7 order that had halted CTA enforcement nationwide. FinCEN later issued a formal notice restarting the clock on BOI reporting compliance, extending the deadline to March 21 for most covered entities.
However, further delays to the deadline seem likely, with FinCEN indicating it may shift the March 21 deadline, as it prioritizes reporting for entities that “pose the most significant national security risks.”
“Last year, there was a 90-day period in which to make updates to your CTA reports, and the regulation rolled back to 30 days for 2025,” said Jamie A. Schafer, a partner…
