By:  Kirsten Fagerland Pezewski, Pezewski Law Offices, S.C.

 

February 20, 2025

The federal Financial Crimes Enforcement Network announced on February 18, 2025 that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again in effect.

FinCEN states that for “the vast majority of reporting companies, the new deadline to file an initial, updated and/or corrected BOI report is now March 21, 2025.”  Please follow the link below to FinCEN’s notice to read about exceptions to the general reporting deadline on March 21, 2025. 

In addition, during this extension for filing, FinCEN notes that it will be assessing options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks, so it continues to be important to monitor developments with this reporting requirement. 

You can follow this link to FinCEN’s notice here:  FinCEN Notice, FIN-2025-CTA1, 2/18/2025.  Or, you can follow this link to the FinCEN website here:  United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov

Because of the harsh penalties for failing to comply with the CTA and reporting requirements (criminal penalties of up to two years of imprisonment and a fine of up to $10,000 and/or civil penalties of $591 per day increased annually by inflation) it’s very important to continue to monitor the status of the Corporate Transparency Act and its reporting requirements and how those requirements may affect your business entities.

Please be sure that you are working with your accountant and/or attorney to monitor the status of the BOI reporting requirements for your own organizations, and that you understand the requirements and penalties for failure to comply with the CTA.

NOTICE THAT THIS IS NOT LEGAL ADVICE:  The information in this blog post is provided for general informational purposes only.  The information contained in this post should not be construed as legal advice from Rental Property Association of WI, Inc. or its individual author.  Please seek appropriate legal or professional advice on the particular facts and circumstances that you may have at issue from a lawyer licensed to practice law in your state or jurisdiction if you wish to obtain legal advice about any matter.