Client Alert 2/20/25: CTA Reporting Deadline

February 20, 2025

On February 19, 2025, FinCEN released the anticipated update regarding the deadline for the Corporate Transparency Act’s (“CTA”) Beneficial Ownership Reporting to go into effect. Per the announcement the deadline for most companies to comply with reporting is March 21, 2025.

Given the uncertainty during the past few months, Commonwealth has continued to encourage proceeding with gathering the information needed to be ready when this deadline was announced and we remain committed to working with our clients and their advisors to ensure compliance with the new deadline now in effect.

Additional information about the CTA and specific instructions regarding the online reporting process, including step-by-step instructions, can be found at https://fincen.gov/boi and https://boiefiling.fincen.gov/help. FinCen’s deadline announcement can be found at https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf.

Commonwealth Trust Company is pleased to provide this article as a guide. Commonwealth Trust Company is not engaged in the practice of law and is not providing legal advice by the provision of these materials. Commonwealth Trust Company recommends that clients seek the opinion of their attorney regarding the specific legal and tax issues addressed in this article.