Corporate Transparency Act (CTA) Injunction Lifted
The US Chamber of Commerce (USCC) announced Thursday that a federal court has lifted the injunction that stopped the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) from enforcing Beneficial Ownership Information (BOI) reporting requirements, as outlined by the Corporate Transparency Act (CTA). That is, the CTA’s beneficial ownership reporting requirements are back on.
After numerous delays from pending legal challenges, certain small businesses now have to file their paperwork starting as early as March, according to an update FinCEN shared:
“For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.“
– Financial Crimes Enforcement Network, US Treasury Department
CLICK HERE to find out if you are eligible for an exemption.
Earlier this month, the House of Representatives passed a one-year delay for small businesses from having to report their beneficial ownership information under the CTA. We are working to get this much-needed small business relief passed by the U.S. Senate.
For more than a year, the Springfield Area Chamber of Commerce has been following news related to the Corporate Transparency Act. Enjoy these previous Bottom Line articles for context and timeline:
An Update on the Corporate Transparency Act
December 5, 2024
Chamber’s Small Business Solutions Hub Program Unravels Corporate Transparency Act
March 1, 2024
Corporate Transparency Act Adds New Federal Reporting Req’s for Many Small Businesses
December 18, 2023
Stay up to date with the U.S. Chamber’s User Guide on the CTA.
More About the Springfield Chamber’s Business Advocacy Efforts
As a trusted convener and provider of business resources, the Springfield Chamber is committed to fostering policies and incentives that contribute to our competitive position in private sector job creation, retention, and economic growth. The Chamber recognizes the systemic interdependencies of a healthy economy and provides an ear and a voice for local business at the confluence of government, commerce, and community. Through a robust platform of member advocacy services, the Chamber advocates for business by increasing visibility, dialogue, and representation at local, state, and federal policy circles around issues of impact and interest to their members.
