New Filing Deadline for the Corporate Transparency Act

New Filing Deadline for the Corporate Transparency Act

On Monday, the U.S. District Court for the Eastern District of Texas reversed its nationwide injunction against enforcement of the Corporate Transparency Act (the “Act”) issued in Smith et al. v. U.S. Department of Treasury et al. This action removes the last injunction against enforcement of the Act. 

FinCEN has just announced that March 21, 2025, is the new filing deadline for all reporting companies. The U.S. House of Representatives has just passed a bill that would extend the deadline for another year, although it is unclear whether it will be confirmed.  

FinCEN has also announced that it is reassessing its reporting process in an effort to simplify the process for lower-risk entities. However, for now, all reporting companies that have not yet filed beneficial ownership reports must do so no later than March 21, 2025.

Next Steps

Reporting companies and their owners should consult with legal counsel to ensure that they are in compliance with the latest requirements of the Corporate Transparency Act. Gallagher & Kennedy attorneys are prepared to assist you with this process.

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About the Author

Otto Shill helps individuals, business owners, and employers comply with and plan for laws and regulations related to federal and state taxation, employee benefits, and executive compensation. He assists clients with audits, investigations, and regulatory disputes related to these areas and advises business owners on various transactions and long-term succession and estate planning.

Recognized as a Certified Tax Specialist by the State Bar of Arizona's Board of Legal Specialization, Otto earned his LL.M. in taxation from Boston University and his J.D. and B.S. in accounting from Brigham Young University. He is admitted to practice before all state and federal courts in Arizona, the U.S. Tax Court, the U.S. Court of Federal Claims, the U.S. Court of Appeals for the District of Columbia, and the U.S. Supreme Court.