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Dear Clients,
We want to inform you of a recent legal development regarding the Corporate Transparency Act (CTA) and its enforcement by the Financial Crimes Enforcement Network (FinCEN).
On February 18, 2025, a federal court lifted the prior injunction that had temporarily halted the CTA’s enforcement. As a result, the beneficial ownership information (BOI) reporting requirements are now back in effect.
To accommodate affected businesses, FinCEN has extended the filing deadline for most reporting entities to March 21, 2025. This extension provides additional time for compliance.
FinCEN has also indicated that it will evaluate potential modifications to the BOI reporting process, particularly for lower-risk entities. We will continue to monitor these developments and provide updates as more information becomes available.
If you have any questions or need further guidance, please do not hesitate to reach out.
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