The Financial Crimes Enforcement Network (FinCEN) announced that implementation of the Corporate Transparency Act’s beneficial ownership reporting requirements has resumed following U.S. District Judge Jeremy Kernodle’s ruling yesterday lifting an injunction against the law. Tuesday’s ruling will allow the law to be enforced while the Department of Justice appeals Kernodle’s earlier ruling declaring the law unconstitutional.
Per FinCEN, the beneficial ownership filing deadline has been extended for 30 days to March 21, 2025 to reduce regulatory burdens on businesses, while prioritizing reporting for those entities that pose the most significant national security risks. Reporting companies can report their beneficial ownership information directly to FinCEN using FinCEN’s E-Filing system available here. More information on the beneficial ownership reporting requirements is available here.