FINCEN
US Treasury Financial Crimes Enforcement Network
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BOI reporting requirements back in effect
March 21, 2025 new reporting deadline for Beneficial Ownership Information reports for small businesses
by Pinedale Online!
February 20, 2025
On Wednesday, February 19, 2025, a Federal District Court lifted the last remaining nationwide injunction halting legal challenges against requiring small business corporations to have to file Beneficial Ownership Information (BOI) reports with the Department of Treasury.
The report filing is a requirement under the Corporate Transparency Act (CTA). Legal challenges have meant small businesses have been kept in limbo for months wondering if they are going to be required to file the reports. The new deadline is March 21, 2025, thirty days beyond the February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas that put the CTA BOI reporting requirement back into effect. There are some exceptions to this deadline for some businesses.
According to the Financial Crimes Enforcement Network website, fincen.gov, "during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks." This they say, is in accordance with the "Treasury’s commitment to reducing regulatory burden on businesses."
For more information, see FinCEN Notice, FIN-2025-CTA1, FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days; Announces Intention to Revise Reporting Rule here (February 18, 2025).
Reporting companies can report their beneficial ownership information directly to FinCEN, free of charge, using FinCEN’s E-Filing system available at https://boiefiling.fincen.gov. More information is available at fincen.gov/boi.
Related Links:
March 21 BOI reporting deadline set; further delay possible By Martha Waggoner and Neil Amato, AICPA & CIMA, Association of International Certified Professional Accountants, Journal of Accountancy, February 18, 2025
Corporate Transparency Act ping pong game continues Pinedale Online! December 28, 2024
Update on Corporate Transparency Act BOI filing requirement Pinedale Online! December 11, 2024
LLCs required to file new Beneficial Ownership Information (BOI) report by January 1, 2025 Pinedale Online! November 18, 2024
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