Death and Taxes for North Carolina Business Owners
November 22, 2024
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On February 18, 2025, the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), stayed the nationwide injunction on enforcement of the Corporate Transparency Act, thereby requiring all reporting companies to file beneficial ownership information ("BOI") with FinCEN.
Accordingly, the new deadline to file an initial, updated, or corrected BOI report is now March 21, 2025. However, reporting companies that were previously given a reporting deadline later than the March 21, 2025, deadline must file their initial BOI report by that later deadline. For instance, this exception applies if your reporting company qualifies for certain disaster relief extensions.
In addition, on February 10, 2025, the U.S. House of Representatives passed the Protect Small Businesses from Excess Paperwork Act of 2025 ("H.R. 736"), which would extend the Corporate Transparency Act's original filing deadline of January 1, 2025, to January 1, 2026. Importantly, the U.S. Senate has not passed H.R. 736. If passed by the U.S. Senate and signed by the President, the new filing deadline will be January 1, 2026.
Given the shifting regulatory landscape, businesses should stay informed and ensure compliance to avoid potential penalties. For a detailed breakdown of the reporting requirements under the Corporate Transparency Act, visit this article.
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This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. No action should be taken in reliance upon the information contained in this article without obtaining the advice of an attorney.
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