Remaining CTA Injunction Lifted; FinCen Extends BOI Report Deadline for 30-days to Assess Impact on Low Risk Businesses

By Richard S. Ekimoto, Esq.

The Federal District Court lifted the injunction preventing enforcement of the CTA in the Smith v. U. S. Department of the Treasury case. The injunction was lifted by the Federal District Court in light of the U.S. Supreme Court’s ruling in the McHenry v. Texas Top Cop Shop, Inc. case. However, FinCen issued a notice that it would extend the deadline to file the BOI Reporting deadline by 30-days from today, February 19, 2025. FinCen says that the new deadline is March 21, 2025. One of the stated purposes of the extension is to allow the U.S. Treasury Department to “assess its options to further modify deadlines while prioritizing reporting for those entities that pose the most significant national security risks.”

In addition, Congress is considering a bill to delay the DOI Reporting deadline until January 1, 2026. The U.S. House of Representatives has passed the bill and is pending in the U.S. Senate.

Community associations that have not yet filed their BOI Report may wish to wait until FinCen completes its assessment whether further extensions are necessary and whether changes to the reporting requirements will be made to focus on entities that pose the greatest risk to national security.