CTA ALERT
On February 17, the preliminary injunction which blocked the enforcement of the Corporate Transparency Act (CTA) was lifted. This means that the CTA’s reporting obligations are back in effect—at least until further findings are made in the court case.
The Financial Crimes Enforcement Network (“FinCEN”), which oversees the enforcement of the law, issued a notice stating that the filing deadline will be extended to March 21, 2025.
In light of these developments, we recommend that associations that have not yet filed their beneficial ownership information do so by FinCEN’s extended deadline of March 21, 2025. We will continue to monitor any applicable CTA deadlines and provide updates regarding any further changes to the CTA’s reporting requirements.