The Financial Crimes Enforcement Network (FinCEN) has announced that the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is once again mandatory for businesses.
To give businesses additional time to comply, FinCEN has extended the general deadline by 30 days from February 19, 2025. This means that most reporting companies now have until March 21, 2025, to file their BOI reports.
Why Is BOI Reporting Back?
The reinstatement follows a legal decision by the U.S. District Court for the Eastern District of Texas, which stayed its previous ruling that had blocked the requirement. The decision aligns with a U.S. Supreme Court order that paused another injunction against BOI reporting. As a result, the regulations requiring companies to report their beneficial ownership information are now fully in effect once again.
Updated Reporting Deadlines
For most businesses: The new deadline to submit an initial, updated, or corrected BOI report is March 21, 2025.
For businesses with later deadlines: If your company was previously given a BOI reporting deadline after March 21, such as those qualifying for disaster relief extensions, you should follow your originally assigned deadline instead.
FinCEN has stated that it will continue to monitor the situation and may provide further updates before the March 21 deadline.
What Businesses Should Do Now
With BOI reporting back in effect, businesses must ensure compliance to avoid potential penalties. We recommend the following steps:
Determine whether your company qualifies as a “reporting company” under the CTA.
Gather the required beneficial ownership information, including details on individuals with significant control over the business, and copy of a photo ID.
Submit your BOI report before the applicable deadline through FinCEN’s online filing system.
For more Information please visit the FinCEN website at: https://fincen.gov/
