NLBMDA and Wolters Kluwer Partner to Help Your Business Become Compliant with the Corporate Transparency Act

By March 21, 2025, over 30 million small businesses must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This new mandate impacts a wide range of businesses, making it crucial to grasp both the initial filing and ongoing compliance.

Get Ahead of the Deadline and File Today!

A Texas federal judge has lifted a preliminary nationwide injunction issued in Smith v. United States Department of the Treasury which had previously halted reporting requirements under the Corporate Transparency Act (CTA). The ruling means reporting companies will soon be required to be in compliance with the CTA. As we shared last week, the U.S. government recently appealed the injunction. In reversing the nationwide injunction, the Texas court has followed precedent set earlier this year by the Supreme Court in the Texas Top Cop Shop case.

 On February 19, FinCEN released new guidance stating that as a result of the new court order, beneficial ownership information (BOI) reporting requirements under the CTA are once again back in effect. FinCEN has shared that businesses are not required to immediately comply and are offering a 30-calendar day period for most companies to submit BOI reports.

“For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.” – February 19, 2025, FinCEN Guidance

About the CTA
The CTA is a federal law that requires certain entities to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The CTA aims to prevent and combat money laundering, terrorism financing, corruption, and tax fraud. It does this by requiring entities to disclose information about their beneficial owners, such as their full legal name, date of birth, residential address, and a unique identifying number. The CTA applies to domestic and foreign entities that are corporations, limited liability companies, or other similar entities that are created or registered to do business in the U.S.

Who has to file?
Any domestic corporation/company with less than 20 full time and/or less than $5 million in gross receipts or sales must file a Beneficial Ownership Information Report.

Not sure if your business needs to file? Take the short BizFilings’ BOI quiz to find out your filing status.

Time is running out to meet BOI reporting requirements. The National Lumber & Building Material Dealers Association has partnered with Wolters Kluwer to offer the BizFilings Beneficial Ownership Information Filing Solution—a streamlined, automated tool that reduces filing times and the risk of errors, ensuring compliance with FinCEN.

Avoid penalties and fines - get organized, save time, and file your BOI report today. 

Questions?
NLBMDA encourage all members and industry stakeholders to consult legal counsel for additional guidance. For general questions contact NLBMDA at [email protected].

Additional Beneficial Ownership Information Resources

Top 5 Things Small Businesses Need to Know About the Corporate Transparency Act (CTA) Additional Resources: The 23 exemptions from the Corporate Transparency Act’s beneficial ownership information reporting requirement NLBMDA Exclusive Webinar: Held on Thursday, November 7 - Click here for the recording.  Entities can also submit beneficial ownership information for FREE directly to FinCEN through its online Beneficial Ownership Secure System (BOSS).	Beneficial Ownership Information Ownership What information is required?	Beneficial Ownership Secure Filer Fast, Simple, & Secure	Beneficial Ownership Data Security & Ownership