“Beneficial Ownership Information Reporting requirements have been reinstated and the deadline to file has been extended to March 21, 2025. Small businesses are advised to complete the necessary as soon as possible.” -Rose Law Group partner and Corporate Transactions Director, Shruti Gurudanti
By Landline Media
A day after a federal court resurrected the Corporate Transparency Act and its beneficial ownership information reporting requirement, the federal government has set new deadlines and indicated it may change the rules.
According to a notice from the Financial Crimes Enforcement Network (FinCEN), the agency enforcing the Corporate Transparency Act, the new deadline to file a beneficial ownership information report for the vast majority of small businesses is March 21.
However, that deadline is subject to change. FinCEN noted that it will provide an update before March 21 of any further modification to the deadline. The agency is acknowledging that some companies may need additional time to comply.
Any company that has been given a beneficial ownership information reporting deadline later than March can continue to file by the later date. Companies that may have received an April deadline due to a disaster-relief extension, for example, should adhere to it rather than the March 21 deadline.
