Following a recent court ruling, the Corporate Transparency Act (CTA) Beneficial Ownership Reporting requirements are back in effect. Reporting Companies must comply with the new filing deadline of March 21, 2025 (subject to limited exceptions). Reporting Companies created on or after February 18, 2025 must file within 30 days from the date of registration.
Penalties for Non-Compliance
Failure to comply with CTA reporting requirements can result in:
- Civil Penalties: Currently up to $591 per day for each day the violation continues.
- Criminal Penalties: Up to two years imprisonment and a fine of up to $10,000 for willful violations, including:
- Failing to file a Beneficial Ownership Information (BOI) report.
- Filing false BOI information.
- Failing to correct or update previously reported BOI information.
Next Steps
If we were assisting you with your CTA compliance, please reach out immediately so we can resume your filing process and ensure you meet the new deadline.
Disclaimer: The information presented in this article is current as of the publication date but may be subject to change as new information is received. Reach out to consult with our attorneys for the latest updates.