The Corporate Transparency Act (CTA) is back on again. Until the next development, the reporting requirement is reinstated and you again have to file. The Federal District Court for the Eastern District of Texas in Smith v. U.S. Department of Treasury lifted an injunction staying enforcement of beneficial ownership interest (BOI) filing requirements under the CTA. 

The Financial Crimes Enforcement Network (FinCEN) released a statement extending the deadline for BOI filing by 30 calendar days from February 19, 2025. For most reporting companies, March 21, 2025 is the new deadline to file their BOI reports. 

Should you file? Perhaps you should just file to avoid possible penalties. Congress is trying to delay the CTA for a year, the Government may decide to completely abandon the CTA, or may take action to at least make it more reasonable. But it remains unclear what may or may not happen.

Get ready. Even if you don’t file just yet, organize all relevant filing information so you are prepared to file if the deadline is not extended.