The Financial Crimes Enforcement Network today announced that beneficial ownership reporting requirements are back in effect after a federal court lifted the remaining nationwide injunction against the Corporate Transparency Act and the BOI reporting rule. The new reporting deadline for most affected businesses is March 21. FinCEN said it will assess its options for further modifying deadlines and provide an update before March 21.
The CTA requires covered businesses to report their BOI to FinCEN. U.S. District Court for Eastern Texas had issued a preliminary injunction against BOI collection in a case challenging the constitutionality of the law, but that injunction was lifted earlier this week following a U.S. Supreme Court decision lifting separate injunction in a related case. The CTA is no longer enjoined while the courts continue weighing the merits of various pending lawsuits. In the meantime, FinCEN signaled its intention to prioritize reporting by entities posing the “most significant national security risks,” as well as revisit the reporting rule with the intention of reducing the burden on small businesses.
The House recently passed bipartisan legislation to extend the reporting deadline to Jan. 1, 2026. The bill, which has been endorsed by the American Bankers Association, now moves to the Senate.
