The Financial Crimes Enforcement Network updated its website Feb. 19 announcing a new deadline for filing beneficial ownership information under the Corporate Transparency Act after a recent court decision.
The new deadline for beneficial ownership information reporting requirements is March 21; however, the Treasury Department said it recognizes companies may need additional time to comply and will use the next 30 days to assess its options to further modify deadlines while prioritizing reporting for entities that post significant national security threats. The Financial Crimes Enforcement Network 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.
For more information, view the notice.
There may be further delays and court rulings during the weeks to come, but in the meantime, view these compliance tips.
