The latest news is that the Corporate Transparency Act (CTA) is again on hold and will not be enforced pending further guidance from FinCEN. FinCEN had recently extended the compliance deadline to March 21 following the decision to lift the last remaining nationwide injunction and on February 27, it announced that it would not issue any penalties or enforcement actions against reporting companies for failure to comply with the CTA by March 21. FinCEN now plans to issue an “interim final rule” no later than March 21, 2025, which will contain extended reporting deadlines and further guidance. Consideration is also being given to making the reporting obligations applicable only to foreign reporting companies, exempting U.S. citizens and domestic reporting companies.
Since this remains a rapidly changing situation, and there could be additional modifications of reporting requirements and applicable deadlines, we urge those of you who have not yet filed to stay alert for further updates on the FinCEN website.
If you have questions, you can schedule a Zoom call with a WBDC advisor.