Corporate Transparency Act back in effect

House bill could delay filing through 2025

Filing requirements under the Corporate Transparency Act are back in effect after a federal judge in Texas reversed a previously issued injunction. Unless subject to a later deadline, most businesses have until March 21 to file beneficial ownership information reports.

The Corporate Transparency Act requires qualifying businesses to file ownership reports to the U.S. Treasury’s Financial Crimes Enforcement Network in an effort to mitigate money-laundering operations.

“Notable in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks,” reads a notice posted by the Financial Crimes Enforcement Network. “FinCEN also intends to initiate a process this year to revise the [beneficial ownership information] reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.”

However, the House of Representatives voted to advance the Protect Small Businesses from Excessive Paperwork Act of 2025, which would delay the Corporate Transparency Act’s filing deadline to Jan. 1, 2026, for businesses created prior to 2024. The bill now heads to the Senate.

The Financial Crimes Enforcement Network also said it "will provide an update before [March 21] of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their [beneficial ownership information] reporting obligations once this update is provided." 

There are also a number of other court cases that could have an impact between now and then, according to the ADA. 

Dental practices must file under the Corporate Transparency Act if they employ fewer than 20 people or if they generate less than $5 million (gross receipts) in revenue annually. Failure to file a report can result in civil and criminal penalties. Civil penalties include fines of up to $500 per day until the violation is fixed. Criminal penalties include fines of up to $10,000 and/or imprisonment for up to two years.

ADA News will continue to monitor the situation and provide updates as they become available. For more information about the Corporate Transparency Act’s requirements or to file a report, visit fincen.gov/boi.