Important Update Regarding the Corporate Transparency Act Filing Requirements
On March 1, 2024, a lower Alabama federal court held that the Corporate Transparency Act, which requires certain businesses to file a BOI Report with FinCEN that includes information about their beneficial owners, is unconstitutional. Importantly, this ruling DOES NOT affect the legal obligation of entities formed in California, Nevada, or Delaware (among other states) to file their BOI Report within the timeframes specified below at this time. We are monitoring the development of this and similar court actions across the nation and will continue to provide information about them to those who have indicated a desire to receive this information from us.
Deadlines to File Your BOI Report:
| Entity Type | BOI Filing Deadline |
| Entities in Existence Prior to January 1, 2024 | On or before January 1, 2025 |
| Entities Formed on or after January 1, 2024 | 90 days from the date of formation |
| Entities Formed on or after January 1, 2025 | 30 days from the date of formation |
Resources:
Weintraub CTA Compliance Team:
If you have any questions relating to the CTA or need assistance in determining how to prepare for this new filing requirement, please do not hesitate to contact your counsel at Weintraub Tobin or any member of Weintraub Tobin’s CTA compliance team identified below, and they would be happy to assist you.
Weintraub Client Webinar:
On Wednesday, February 21, 2024, Weintraub attorneys Jeanne Vance and Anders Bostrom presented An Overview of the Corporate Transparency Act via webinar. You can watch a recording of the presentation here.
Ongoing CTA updates: Email List:
If you would like to receive updates and information on future educational resources about the Corporate Transparency Act, please sign up here.
