On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted Financial Crimes Division of the U.S. Department of Treasury (FinCEN) a stay order on the Court’s previously issued preliminary nationwide injunction on the enforcement of the Corporate Transparency Act (CTA). As a result, BOI reporting requirements under CTA are once again enforceable and reporting is again mandatory.For most business entities formed prior to February 18, 2025, the new deadline to file a BOI report is now March 21, 2025. Business entities formed or registered on or after February 18, 2025, must file a BOI report within 30 days from the date of creation or registration.Of course, this may change again. In addition to the ongoing legal challenges to the CTA, FinCEN has announced that between now and March 21, 2025, it “will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks.” FinCEN also stated that it “intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.” FinCEN offered no guidance or details as to what those statements mean.We will continue to update you as this saga continues to evolve and your obligations continue to change. For now, business entities that have not yet filed a BOI report should take the necessary steps to prepare and complete the filing prior to the applicable deadline.If you have concerns or questions about how this affects your specific situation, contact your Gross McGinley attorney today.