The Corporate Transparency Act (CTA) is back on the radar for small businesses. A federal court has lifted the injunction that halted FinCEN from enforcing BOI reporting requirements.
March 21, 2025, is the new deadline to submit initial, updated, or corrected BOI reports. The House of Representatives passed the Protect Small Business from Excessive Paperwork Act (H.R. 736), which could delay reporting by one year. The bill now awaits action in the Senate, but businesses should prepare for the March 21 deadline. Failure to comply could result in fines up to $10,000 and criminal charges.
What Businesses Should Do:
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Determine if your business is affected – The CTA applies to many small businesses, but there are exemptions.
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Prepare to file your BOI report – Check the FinCEN website for requirements.
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Stay up-to-date with Chamber communications – We will be monitoring congressional updates. If the Senate passes H.R. 736, deadlines may change again.
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Consult legal or compliance professionals – Avoid penalties by ensuring you meet all requirements.
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