In the latest legal twist to FinCEN’s Beneficial Ownership Information (BOI) reporting requirements, compliance is once again mandatory for eligible reporting companies with a new deadline.
While enforcement of the Corporate Transparency Act (CTA) and its BOI reporting has been suspended since December 2024, a February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas allows the reporting requirements to once again be in effect. As the original deadlines were in January 2025, FinCEN is allowing 30 extra calendar days from the ruling for eligible companies to comply. The new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025.
If an eligible company was given a reporting deadline after the new March date, such as disaster relief extensions, they are to comply with whichever deadline comes later.
As of now, reporting companies created or registered on or after January 1, 2025, must file an initial beneficial ownership information report within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
More details may be released from the U.S. Treasury and FinCEN as they work to reduce regulatory burden on businesses and intend to revise the BOI reporting later this year to make it easier for lower-risk entities and small businesses.
When is the new BOI deadline? The new deadline is March 21, 2025 for most businesses.
Is the BOI filing still optional? No, the BOI filing requirements are back to being mandatory for all eligible reporting companies.
What if I have to correct an error or update changes in my business? You have 30 days to make a correction or update information.
Can I file a single BOI report for all of my companies? No, each non-exempt entity is a separate reporting entity and must file its own BOI report.
What happens if I don’t file a BOI report? Failure to comply with FinCEN’s filing deadlines can result in steep daily fines.
Who can file my BOI report? You can create an account at https://fincen.gov/boi and submit your own information. Business entities with a more complex structure or many owners may turn to their trusted CPA or attorney for assistance. Beware of third-party fraudsters posing as BOI filing companies.
See FinCEN.gov for additional Frequently Asked Questions.
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