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Corporate Transparency Act (CTA)

A central hub for all materials relating to the Corporate Transparency Act.

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The CTA filing deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.

On February 18, 2025, the U.S. District Court for the Eastern District of Texas decided in the case of Smith, et al. v. U.S. Department of the Treasury, et al. that the prior injunction should be lifted. On the same day, FinCEN announced that the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.

FinCEN also announced that the new deadline will be March 21, giving filers a 30-day period to submit filings. During this 30-day period FinCEN will assess its options to further modify deadlines. 

Therefore, for now, the vast majority of reporting companies are required to file BOI reports by March 21, 2025. FinCEN has said that it will provide an update before then of any further modification of this deadline.

There are exceptions in limited circumstances such as for disaster relief.  FinCEN recognizes that 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.

Your CTA obligations


Please note that we are unable to advise you of the impact of the CTA without being specifically instructed and engaged to undertake an assessment on your behalf.  Please speak to your usual Withers' contact, or click the button here and a member of the team will be happy to help.  For further regulatory information, click here.

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Corporate Transparency Act: What business owners, directors and trustees need to know about their privacy

The US Corporate Transparency Act (CTA) is an addition to the Bank Secrecy Act that takes effect in January of 2024, and the goal of the CTA is to disclose beneficial ownership and control of companies. It requires a significant number of US businesses formed with secretaries of state to file reports with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) from January 2024.

Resources: How will the CTA impact you?

Meet our CTA team

William J. Kambas

William J. Kambas

Partner | New York

William J. Kambas

Partner | New York

Private client and tax

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Jaime McLemore

Jaime McLemore

Partner | London

Jaime McLemore

Partner | London

Private client and tax

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Ivan A. Sacks

Ivan A. Sacks

Partner | New York

Ivan A. Sacks

Partner | New York

Private client and tax

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Elizabeth A. Bawden

Elizabeth A. Bawden

Partner | Los Angeles

Elizabeth A. Bawden

Partner | Los Angeles

Private client and tax

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