Flora Pettit Corporate Transparency Act Compliance Resources

On February 18, 2025, the last nationwide injunction for the CTA was lifted and FinCEN has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect, with a new deadline of March 21, 2025, for most companies.  FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN says it intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.  We encourage clients who have not already reported beneficial ownership information for pre-2024 entities under the CTA to do so before the March 21, 2025, deadline. Entities created after January 1, 2024, have different reporting deadlines.  Please refer to the Resources below which can assist clients in reporting BOI appropriately under the CTA.

Linked below are Resources to assist Flora Pettit clients in understanding and meeting their CTA reporting obligations, if any.

Flora Pettit is happy to assist clients with understanding and meeting their obligations under the CTA and its beneficial ownership information (BOI) reporting requirements.

Flora Pettit is not filing CTA reports for clients.  We are assisting clients with understanding how to do so themselves or how to use a third party vendor to do so.  We cannot assume a client’s obligation to file updated CTA reports with FinCEN for the simple reason that we will not know when changes requiring an updated filing have occurred.