Corporate Transparency Act (CTA) Enforcement Suspended for U.S. Businesses
On March 2, 2025, the U.S. Treasury Department announced that it will suspend enforcement of the Corporate Transparency Act (CTA) against U.S. citizens, domestic reporting companies, and their beneficial owners. This suspension applies to both current BOI (Beneficial Ownership Information) reporting deadlines and any future rule changes.
Additionally, Treasury plans to propose a narrowed rule that would limit BOI reporting requirements to foreign reporting companies only—a significant shift from prior guidance. While this is a meaningful development for U.S. small businesses, the situation remains fluid. We recommend staying current by regularly checking official updates on the FinCEN BOI website.
Reminder: Upcoming Tax Deadlines
The April 15 tax filing and tax extension deadlines outlined below are approaching quickly. The team at Reese Henry is dedicated to assisting you through this critical period. Should you have any questions, need our expertise or wish to discuss your filing in more detail, please contact your trusted advisor at Reese Henry & Company.
April 15, 2025 | Individual (Form 1040)
Extension: October 15, 2025*
April 15, 2025 | C-Corp (Form 1120)
Extension: October 15, 2025*
April 15, 2025 | Trust (Form 1041)
Extension: September 30, 2025*
*Please note, the deadline to file your extension is the original due date listed above.