Hey, business owners, so this is another update on the Corporate Transparency Act. You may remember the last video I did, I described that the halt of the enforcement of the Corporate Transparency Act had been reversed by the courts, thus allowing the Corporate Transparency Act to be enforced again by Fincen, the government agency charged with enforcing that act. Right after that court decision, Fincen came out with an announcement that stated March 31, 2025, was going to be the new deadline for all companies required to report.

Within the last couple of days, Fincen has said that it is not enforcing any deadlines. Therefore there will be no enforcement, no fines, and no penalties for failure to abide by the March 31 deadline. In that same announcement, Fincen stated that it will be coming out with future guidance, hopefully within the next couple of weeks, that will clarify some confusing aspects of the Corporate Transparency Act and set extended deadlines.

So, my sense is that when that new information from Fincen comes out, there will be at least 30 days to file the required reports. However, we won't know that until Fincen issues new guidance. So, what does this all mean? The law is still valid. No court has invalidated it. Fincen is not going to enforce the current March 31 deadlines for any company. It also will not issue fines or penalties. Fincen will issue new rules and probably extended deadlines within the near future. 

The most important thing is that if you subscribe to my YouTube Channel, you'll get these updates as soon as I get them so that you'll know what's going on.

Thank you.