Important Update on Corporate Transparency Act – Beneficial Ownership Reporting Requirements
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Dear Idaho Business Owner, If you have not yet submitted your beneficial ownership information (BOI), we are reaching out to inform you of an important update regarding the federal Corporate Transparency Act (CTA). On February 18, a decision by the U.S. District Court for the Eastern District of Texas ruled that the beneficial ownership information (BOI) reporting requirements are once again in effect. As a result, the deadline for reporting has been extended for most companies to March 21, 2025. The U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has issued a notice with additional details about the updated deadlines. If you have any questions or comments, please contact FinCEN: Phone: 1-800-767-2825 Email: FRC@fincen.gov
For more information on FinCEN and BOI requirements, visit: Website: https://fincen.gov/boi
Idaho Secretary of State Phil McGrane is actively advocating for the repeal of the CTA. He recently testified in favor of Idaho's House Joint Memorial 3, which has passed the House and is awaiting a Senate hearing. Additionally, Secretary McGrane, along with 19 other Secretaries of State, urged President Trump to repeal the CTA. McGrane stated: "The Corporate Transparency Act is yet another example of federal overreach that burdens small businesses with excessive regulations and compliance challenges. President Trump has a tremendous opportunity to remove an unnecessary burden on American small businesses." We will continue to keep you informed of any further updates regarding the CTA. Sincerely, Idaho Secretary of State's Office |