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Small businesses face new deadline as court lifts injunction on ownership reporting rule

  • The Treasury Department has set a new deadline of March 21, 2025, for businesses to report beneficial ownership information following a court ruling allowing enforcement of the Corporate Transparency Act.
  • The Corporate Transparency Act, enacted in 2021, requires about 32.6 million businesses to disclose ownership details to prevent illicit activities.
  • Failure to comply with the reporting requirements may result in civil penalties and criminal fines, with potential penalties up to $591 per day and fines up to $10,000.
  • Court decisions have lifted previous roadblocks, allowing the Financial Crimes Enforcement Network to implement the Corporate Transparency Act.
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Treasury sets March 21 deadline for millions of businesses to report ownership information or risk fines of $10,000 or more

The Treasury set a March 21 deadline to report "beneficial ownership information" after a Texas court lifted a block on enforcement.

·United States
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The Business JournalsThe Business Journals

Small businesses face new deadline as court lifts injunction on ownership reporting rule

After months of legal battles, small-business owners now face a ticking clock on ownership reporting.

·United States
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Inc.Inc.

FinCEN Sets New Deadline and Teases Future Leniency With CTA

The Financial Crimes Enforcement Network also dangled a carrot in front of smaller enterprises.

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ForbesForbes

FinCEN Offers Extra Time To File After Court Reinstates Beneficial Ownership Information (BOI) Reporting Requirements

A court in the Eastern District of Texas has reinstated beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

·United States
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CorpNetCorpNet

Beneficial Ownership Reporting Requirements Are Back In Effect

After a temporary halt in the requirement to submit beneficial ownership information reports (BOIR) to the federal government, FinCEN has announced that the reporting obligations under the Corporate Transparency Act (CTA) are again mandatory. What Does This Mean for Business Owners? On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled to reinstate the BOIR requirement. In response, FinCEN has set a March 21, 2025…

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amlintelligence.comamlintelligence.com

NEWS: New US beneficial ownership reporting deadline of March 21 as legal block removed - AML Intelligence

By Nate Raymond A federal judge in Texas lifted an order that blocked the enforcement of an anti-money laundering law that forces millions of business entities to disclose the identities of their real beneficial owners to the Treasury Department. As a result, FinCEN, the AML unit of the U.S Treasury, has said businesses must again file beneficial ownership information, “with a new deadline of March 21, 2025 for most companies”. U.S. District Jud…

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Land Line broke the news in on Tuesday, February 18, 2025.
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