2-24-25 Fincen Resumes Corporate Transparency Act (CTA) Reporting Requirements with Extended Deadline
As a result of the federal district court’s decision yesterday in Smith v. U.S. Dep’t of Treasury reversing its prior stay on enforcement, the CTA’s reporting requirements are back in effect with an extended deadline of March 21, 2025. FinCEN has also announced that it may further modify the deadline in advance of March 21, 2025, as it considers whether reporting companies might need additional time to comply. In addition, FinCEN intends to initiate a process this year to revise the requirements to reduce the burden for lower-risk entities, including many U.S. small businesses.
We are prepared to help your company navigate the CTA’s reporting requirements. If you have any questions, please reach out to Kate Polozie, Esq. at (585) 987-2910 or kpolozie@woodsoviatt.com, Danielle Ridgely, Esq. at (585) 987-2914 or dridgely@woodsoviatt.com, or another member of the Business and Tax Department at Woods Oviatt Gilman LLP.
