Corporate Transparency Act Update CTA Update!

There have been five recent, notable events relating to the Corporate Transparency Act:

1. Companies created BEFORE 2024 - The House has passed a Bill that will give pre-2024 entities until December 31, 2025 (extending the deadline by 1 year), to register, if passed by the Senate and President (we will keep you posted).
    
2. Companies created DURING 2024 - In the final regulation issued by FinCEN, reporting companies formed during the calendar year of 2024 will now have 90 days (instead of 30) to file their initial BOI (Beneficial Owner) reports.
    
3. Companies created in 2025 and beyond - The House Bill will also allow all companies formed after January 1, 2025, and beyond, 90 days to file rather than the previous 30 days.
    
4. Updates and Changes - The House Bill would give reporting companies 90 days to report updates or changes instead of the previously stated 30 days.
    
5. No Excuses? - The House Bill would amend the Beneficial Ownership Reporting (BOI) requirements to clarify that reporting companies are not allowed to submit a report describing how the company is unable to obtain identifying information, i.e., driver’s licenses and passports, instead of filing reports in accordance with the statute. (We await clarification on what this means.)