This Compliance Alert is being sent to keep NSSF® members informed of continued changes to the status of the Corporate Transparency Act (CTA) Reporting Requirement.

As of February 18th, 2025, both nationwide injunctions against the CTA’s Reporting Requirement have been stayed, pending appeal in their respective cases. This means that the requirement for companies to file beneficial ownership information (BOI) reports is once again in effect.

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for filing required BOI reports for thirty (30) days. This means that most companies must file their BOI report(s) no later than March 21st, 2025. FinCEN has also indicated that they will be exploring options to further modify deadlines for lower-risk entities.

NSSF previously provided members with detailed information about how to file BOI reports and what must be included. That original alert, with additional information on the CTA and the reporting requirements, can be found here.

NSSF strongly supports the ongoing legal challenges to the CTA, as well as recent bills filed in both the United States Senate and House of Representatives to either delay or effectively repeal its intrusive and burdensome reporting requirements – noncompliance with which risks felony conviction.

NSSF will continue to monitor developments in relation to the CTA and the challenges against it, as well as any updates from FinCEN regarding reporting deadlines, and keep members informed of any important status changes.