Reported by Aimee Picchi

With the court ruling that enforcement can proceed, many small business owners may scramble to register ahead of deadline, although FinCEN said on Dec. 23 that it is extending the deadline until Jan. 13 due to the late December court ruling.

“Reporting companies that were created or registered prior to Jan. 1, 2024 have until Jan. 13, 2025 to file their initial beneficial ownership information reports with FinCEN,” the agency said in a statement.

What is the deadline for registering with FinCEN?

As mentioned above, companies that were created or registered before Jan. 1, 2024 have until Jan. 13 to file their ownership information reports with FinCEN, rather than the original Jan. 1, 2025 deadline. 

Here are other filing deadlines, depending on the date of a business’ creation. 

• Companies created on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 now have until January 13, 2025 to file with FinCEN.
• Businesses created or registered in the U.S. on or after Dec. 3, 2024 and on or before Dec. 23, 2024 have an extra 21 days from their original deadline to file with FinCEN.
• Those businesses that qualify for disaster relief may be have deadlines later than Jan. 13. Those additional deadlines can be found here. 

How do businesses register under the CTA? 

Small businesses can file their beneficial ownership information reports at this link with FinCEN. 

What happens if I don’t register under the CTA? 

The penalties are up to $591 per day for failure to file, according to FinCEN. 

Read full report: https://www.cbsnews.com/amp/news/corporate-transparency-act-cta-fincen-ruling-injunction-what-it-means/