News & Events

news & events / 02.19.25 /Kenneth R. Jacobs

CTA Filing Requirements Back On Pending Decisions on Appeal; Filing Deadline Extended to March 21, 2025

On February 18, 2025 a second federal District Court lifted its nationwide injunction against enforcement of the Beneficial Ownership Information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”), reinstating the BOI reporting requirements for small businesses and Boards. See its uninformative order HERE. The court’s decision makes sense, since the Supreme Court had just lifted the injunction in an identical case.

FinCEN has now extended its BOI filing deadline for 30 days, until March 21, 2025. See FinCEN’s formal announcement HERE. Accordingly, the principals of all small businesses – including the Boards of all community associations — that had failed to file until now will now have 30 days to submit their personal information to FinCEN.

Please note that unless all Board members are in compliance, technically the association is also non-compliant. If an individual Board member with other connections does not want to file multiple times, he or she can also procure a “Personal Identification Number” from FinCEN and use that number for all of their filings.

You can start the filing process on your own by going to FinCEN’s BOI filing website HERE. If you have not yet filed, your management company, accountant or counsel may be able to assist you. If you would like to file through this law firm, please email Vanessa Martinez at vmartinez@sbjlaw.com to get started.

For those intrepid readers who have been following the CTA’s progress through the courts: In our last episode, the Supreme Court had allowed FinCEN to reinstate the Beneficial Ownership Information Reporting Requirements in the Texas Top Cop Shop case, pending a decision on FinCEN’s appeal of the nationwide injunction granted by one Texas federal District Court. However, FinCEN was still prohibited from requiring BOI filings because of another nationwide injunction issued by a different Texas federal court in the Smith case.

FinCEN appealed the Smith case and requested that the federal court injunction in that case be released as well pending the Government’s appeal, i.e., reinstating the BOI reporting requirements. As reported, the District Court judge in Smith granted the Government’s request (likely avoiding an embarrassing reversal by the U.S. Supreme Court as well).

As always, we will continue to keep you posted on the progress of both the cases and the bills pending in Congress as the CTA winds its way through the system.