CTA Corporate Transparency Act Video

CTA Corporate Transparency Act

03-21-2025 Update:  Both the BOI Beneficial Ownership
reporting requirement and Penalties for non reporting
have been removed for all U.S. Based Domestic companies.

In short, U.S. companies do not have to report.

Companies based overseas but operating in the
United States may have to report.    For more
details, visit:
https://fincen.gov/boi

News Flash!!   03-03-2025. Per Treasury, No Fines
or enforcement for U.S. Citizens or domestic reporting
companies will take place.   Treasury says there is more
to follow.   Read Treasury’s
Press release below:

https://home.treasury.gov/news/press-releases/sb0038

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02-19-2025

https://fincen.gov/boi

The reporting requirement is back on as of Today
02-19-2025    Read the below Carefully.    The Fines
per day were approx $591 PER DAY.     They are generally extending the Deadline to March 21st for the vast majority of companies, however that definition does
not seem to absolutely cover any, or every business.  

With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.

FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Updated Deadlines

• For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.
• Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
• As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
• For updates on other litigation related to the Corporate Transparency Act and its effect on reporting requirements for certain plaintiffs, see alerts below.

s of January 30th 2025, reported on ddddd:

“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”

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Continued reported on https://fincen.gov/boi:

“On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”

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As of January 21st,  2025 on fincen.gov/boi, for the CTA Corporate Transparency Act, Reporting companies are NOT required to file BOI beneficial ownership information with FinCEN.gov, the Financial crimes enforcement network of the U.S. Treasury, and filing is voluntary.

If this existing law is confirmed by the Supreme Court and a deadline is re-instated, all owners of U.S. Corporations, including if you own an LLC, must file a report to fincen.gov before the deadline.

If the Supreme Court sustains the December 31st 2024 DOJ Appeal, the reporting requirement goes back into effect.

Visit us, bankstatementloan.com for critical updates that occur after January 21st, 2025.

Updates

For official updates on the CTA Corporate Transparency Act,  visit Fincen.gov

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BOI Beneficial Ownership Information Per Fincen.gov
What is beneficial ownership information?

Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis.

This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

When do I need to report my company’s beneficial ownership information to FinCEN?

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.

This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Deadlines

Prior to the Texas Fith Circuit Court injunction of the Law in December 2024, Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

Corporate Transparency Act (Video Transcript: Click to Expand)

CTA Corporate Transparency Act Update. Fincen.gov/boi, reporting companies are not required to file BOI Beneficial Ownership Information with Fincen, the financial crimes enforcement network of the U.S. Treasury and filing is voluntary.

On December 31st 2024, the Department of Justice, on behalf of Treasury, sought a stay of the injunction from the Supreme Court of the United States, pending the ongoing appeal.

If the Supreme court sustains

the January 31st, 2024 DOJ appeal, the reporting requirement goes back into effect, along with penalties of up to $591 per day for failure to report past the deadline or reporting incorrect information if the Supreme Court rules in favor of the law and the deadline is reimposed.

There are also potential criminal penalties of up to $10,000 in fines and up to 2 years in prison for willful failure to report or reporting fraudulent information.

Visit bankstatementloan.com for updates or visit fincen.gov/boi including updates on possible legislative repeal of the law.

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