Let Your Voice be Heard by Congress; 5 Minute Survey
Corporate Transparency Act Reinstated; Filing Deadline Extended to March 21, 2025
On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the remaining injunction against the implementation of the Corporate Transparency Act (CTA) – Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.).
As a result the CTA’s beneficial ownership information (BOI) reporting requirements are back in effect. Following the court’s action, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued Notice FIN-2025-CTA1 extending by 30 days the filing deadline to March 21, 2025.
While FinCEN suggested that an additional extension may be provided, companies required to report should contact their legal advisors as soon as possible and gather the necessary information to report their beneficial ownership in case the March 21 deadline is maintained.
Relatedly, legislation (H.R. 736) to extend the CTA filing deadline to January 1, 2026, passed the House by a vote of 408 to 0 on February 10. The Senate has yet to schedule action on the legislation.
About Brownstein Hyatt Farber Schreck
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.
Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax