MARCH 2, 2025 

UPDATE:

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

Click here for U.S. Treasury Department's Statement:  https://home.treasury.gov/news/press-releases/sb0038

FEBRUARY 2025 

URGENT INFORMATION:

BOI BACK IN EFFECT

MOST BUSINESSES, REGARDLESS OF SIZE, ARE REQUIRED TO FILL OUT THE BOI PAPERWORK NO LATER THAN MARCH 21, 2025

Don't make the mistake of thinking that your small business doesn't have to fill this out; click the below FICEN website button to see if your business is required to fill out the BOI paperwork.

FROM OKSBDC:

URGENT: Update to the BOI as of Feb 21

The nationwide injunction prohibiting enforcement of the Corporate Transparency Act (CTA) has been stayed; meaning, FinCEN will resume enforcement of the required beneficial ownership information (BOI) filings. Simply put, the CTA filing requirements are reinstated. FinCEN has issued a notice that reset the filing deadline for most companies to March 21, 2025. See notice here: FinCEN Notice, FIN-2025-CTA1, 2/18/2025.

The law is springing back into force as Congress still works through potential legislation to delay the reporting deadlines by a year. The House last week unanimously passed legislation, H.R. 736, that would delay the CTA reporting requirements until January 1, 2026. In the Senate, a group of Republicans led by Senator Tim Scott, have introduced a companion bill (S. 505).

The Trump administration has continued to defend the CTA in court. The press is reporting that FinCEN said today that the administration could revise the rules to reduce the compliance burden for “lower-risk entities, including many U.S. small businesses.” But there is no more clarity than that comment.  

As a reminder, the Corporate Transparency Act requires most small businesses in the United States to make a filing with FinCEN (see here: https://boiefiling.fincen.gov/). Each required entity must file a report containing the following information about the company:

• Entity’s full legal name
• Trade names
• A complete current address
• The jurisdiction it was formed in or jurisdiction in which a foreign company first registers
• Internal Revenue Service Taxpayer Identification Number and Employer Identification Number
• Information about each beneficial owner of the company, including this about each person:
• Full legal name
• Date of birth
• Current business or residential address
• A unique identifying number from an acceptable identification document (i.e., passport, driver’s license, etc.)"

To fill out the BOI paperwork, click the link below for the FINCEN website BOI page. Need help filling out the paperwork?

Give your Cushing Chamber a call & we will help you fill it out, step by step.