Ali Katz
UPDATE: On February 17, 2025, the U.S. District Court for the Eastern District of Texas, in the case Smith vs. Dept. of the Treasury, issued a ruling reinstating the reporting requirements for the Corporate Transparency Act (“CTA”). For most companies, beneficial ownership information (“BOI”) must now be reported to the U.S. Treasury’s Financial Crimes and Enforcement Network (“FinCEN”) by March 21, 2025.
But wait. There’s more. This may not be the final word. Several other BOI/CTA cases are currently being appealed in various jurisdictions. In addition, on January 15, 2025, the Repealing Big Brother Overreach Act was reintroduced in the US Senate and House of Representatives. If enacted, the bill would repeal the CTA. Check back here for updates.