Corporate Transparency Act is Back - File by March 21, 2025

Started by TimB4 • 6 replies • 171 views

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TimB4 (Tennessee)
Posts: 21,062

Posted:

The two bills Cathy told us about, H.R. 425 To repeal the Corporate Transparency Act and S.100 A bill, are in committee and have not become law (yet).

The ban issued by the courts has been lifted: see this article, and other articles (do an internet search on CTA court case status), the ban on the CTA was removed on February 17th. The US Dept of Treasury has placed a deadline of March 21, 2025 to file.

Corporations must file by March 21, 2025 (unless exempt)

To file, you need to have pictures of your Boards drivers licenses.

To file, see: https://fincen.gov/boi

TimB4 (Tennessee)
Posts: 21,062

Posted:

To continue Cathys chain from another thread:

For those of you keeping score:

Dec 3, 2024: the Texas District Court issued the Nationwide Injunction on the enforcement of the CTA (no enforcement).

Dec 23, 2024: the 5th Circuit issued an order staying the Nationwide Injunction (enforcement is on).

Dec 26, 2024: the full panel of the 5th Circuit issued an order vacating the stay (meaning that the injunction is now in effect, no enforcement). The judges also chastised the previous court for jerking people around when there were only a few working days remaining in the year.

Jan 1, 2025: the federal government filed a motion with the US Supreme Court to stay the Texas District Court's injunction, because of course they did. ("Your Honors, we totally want to enforce the CTA!")

Jan 10, 2025: CAI filed an amicus brief with the Supreme Court.

Feb 17, 2025: The U.S. District Court for the Eastern District of Texas in Smith v. United States Department of the Treasury, et al. granted the government's motion to stay (lift) the order granting preliminary relief pending the disposition of the appeal before the U.S. Court of Appeals for the Fifth Circuit.

Feb 19, 2025: U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced 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.

TimB4 (Tennessee)
Posts: 21,062

Posted:

Correcting display of link in earlier posting:

The two bills Cathy told us about, H.R. 425 To repeal the Corporate Transparency Act and S.100 A bill, are in committee and have not become law (yet).

The ban issued by the courts has been lifted: see this article, and other articles (do an internet search on CTA court case status), the ban on the CTA was removed on February 17th. The US Dept of Treasury has placed a deadline of March 21, 2025 to file.

Corporations must file by March 21, 2025 (unless exempt)

To file, you need to have pictures of your Boards drivers licenses.

To file, see: https://fincen.gov/boi

TimB4 (Tennessee)
Posts: 21,062

Posted:

Summary, as outlined in an attorneys website:

Summary of Court Decisions and Potential Outlook

Barring an act of Congress to extend reporting deadlines, we expect that FinCEN’s new deadline for CTA compliance will remain in place for at least the next few months. The Supreme Court’s order restoring the CTA reporting obligations will remain in place at least until the Fifth Circuit has rendered its decision on the constitutionality of the CTA in McHenry. Should that court’s eventual decision be appealed, the Supreme Court’s January 23rd order will keep the CTA in place until the Supreme Court either declines the appeal — thus allowing the Fifth Circuit’s forthcoming decision to stand — or renders its own decision on the constitutionality of the CTA. The Fifth Circuit has imposed an “expedited” briefing schedule that will be complete by February 28, 2025, with oral arguments to follow on March 25, 2025.

CathyA3 (Ohio)
Posts: 6,299

Posted:

Thanks for the update.

So... is everyone still feeling confident that their data will not be misused or accessed by persons who shouldn't have it?

Please don't answer - I don't want this to become a political thread although the CTA is political by its nature.

However... think about this in the context of your willingness to keep serving on the board of your community. For me, for the first time in my 16 years of being on a condo association board, I feel as though serving is actually against my best interests. And considering the &#!*!@ that board members routinely have to put up with, that's saying something.

It may be time to find a nice rental somewhere...

TimB4 (Tennessee)
Posts: 21,062

Posted:

My personal data is already out in the wild, thanks to several data breaches. The worst, being a breach of a government system and credit bureaus.

I suspect that if you do anything online, your info is likely already in the hands of those who shouldn't have it.

CathyA3 (Ohio)
Posts: 6,299

Posted:

True enough. My data is already on the the dark web thanks to data breaches, and the government already has it because of previous jobs (mine and a close friend's).

However, the bad guys can't throw me into prison. They just want to steal my identity, and I can actually do something about that.

(A little humor: an older gal who posts funny videos on social media said that she hopes somebody will steal her identity so that she can stop remembering all of her danged passwords.)

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