After months of legal uncertainty, the Corporate Transparency Act (CTA) is back in effect. Most businesses and LLCs across the United States are now required to file their Beneficial Ownership Information Report (BOIR) by March 21, 2025.
What Is the Corporate Transparency Act?
This federal law was enacted to combat money laundering, fraud, and other financial crimes. It requires most businesses and LLCs to report detailed information about their owners and those with control over the entity.
Why It Matters
Failure to comply could result in penalties of up to $500 per day per business—or even jail time.
What’s Changed?
A federal judge in Texas has reversed a previous nationwide injunction that had blocked enforcement of the CTA. As a result, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has reinstated the reporting requirements, with an extended deadline.
What This Means for You
If your business falls under the CTA’s reporting requirements, you must file a BOIR with FinCEN by March 21, 2025, to avoid penalties.
We Can Help
Silverman Law Office is here to keep you and your business compliant. If you haven’t yet filed your BOIR or are unsure about your company’s obligations, contact us today at 406-449-4829 or visit mttaxlaw.com/contact for expert guidance.
