If you own a business in the State of Illinois — more specifically, an LLC, S Corp, irrevocable trust, or any entity created by the Secretary of State — the Corporate Transparency Act may, or may not be something that you are familiar with, but you need to be. Personally, I never thought this day would come after the last year of litigation, delays, pauses, and several courts declaring it unconstitutional. Not to mention, the change in presidential administrations and control of Congress shifting to the Republican caucus. Yet, here we are, and all business owners have been required to report with FinCen’s beneficial ownership information (BOI) filing requirements on or before March 21, 2025, or you will face fines and penalties of $500 per day of noncompliance.
Major Update: Corporate Transparency Act Reporting Requirements Are Back — But For How Long?
On February 17, 2025, the U.S. District Court for the Eastern District of Texas issued a ruling in Smith vs. Dept. of the Treasury that reinstates the reporting requirements under the Corporate Transparency Act (CTA). This means that, for most companies, beneficial ownership information (BOI) must now be reported to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN) by March 21, 2025.
The Legal Landscape Remains Uncertain
While this ruling reinstates the BOI reporting requirements, it may not be the final word. Several legal challenges to the CTA are currently pending in courts across the country. Additionally, a legislative effort to repeal the CTA is underway: On January 15, 2025, the Repealing Big Brother Overreach Act was reintroduced in both the U.S. Senate and the House of Representatives. If passed, this bill would completely repeal the CTA, eliminating its reporting mandates.
Given these legal and legislative developments, business owners should stay informed as the situation evolves. We will continue to provide updates as new information becomes available.
For more details on the CTA and BOI reporting requirements, you can visit the FinCEN official website.
For a deeper dive into the CTA, it’s history, the reason it was enacted and what you need to know regarding its impact on small businesses, check out our related articles:
- 2024 Year-End Corporate Transparency Act Reporting Requirements for a Small Business and What You Need to Know
- The Corporate Transparency Act: If You Have a Trust or Own a Small Business, How Will It Affect You?
What This Means for You
If you own or operate a business, compliance with the CTA should be something you are aware of and concerned about complying with over the next several weeks leading up to March 21, 2025. To understand how the BOI reporting requirements affect you — both now and in the future — book a complimentary 15-minute consultation with me. During our call, I will provide insights on your filing obligations and discuss how I can support you and your business on an ongoing basis.
Schedule Your Consultation Here
If you enjoyed reading this article and made it to the end, please leave a comment and let us know your thoughts and your biggest takeaway. If you think your family and friends could benefit, please share it on social media to spread the word.
This article is a service of Family Wealth & Legacy Legal Solutions (FWLLS). At FWLLS, we do not just draft documents; we ensure you make educated, informed, and empowered decisions for yourself and the people you love. That’s why we offer a Family Wealth & Legacy Strategy Session™, during which you will get educated and begin to prepare to avoid life’s most common legal problems and get a plan in place to make the best possible choices for the people you love.
You can begin by calling our office today to schedule a Family Wealth & Legacy Strategy Session and mention this article to find out how to get this $900 session at a significantly discounted rate, or even for free.