Extension of BOI Reporting Deadlines

We want to inform you of a recent update from the Financial Crimes Enforcement Network (FinCEN) regarding Beneficial Ownership Information (BOI) reporting deadlines. After a decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., BOI reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.

In light of this decision, FinCEN announced an extension for the initial BOI reporting deadline on February 18, 2025. This change provides additional time for businesses to comply with the CTA requirements, ensuring a smoother reporting process.

New BOI Filing Deadlines

FinCEN has provided the following guidance on the revised deadlines:

1. 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.
2. Reporting companies previously given a reporting deadline later than March 21, 2025, must file their initial BOI report by that later deadline.
3. Reporting companies previously provided with extended deadlines due to disaster relief should follow the later deadlines.

Why This Matters

The BOI reporting requirements are designed to enhance transparency and combat financial crimes. Non-compliance may result in significant penalties, making it essential for businesses to stay current with their filing obligations.

For further details, visit the official FinCEN website or contact us to discuss how we can support your compliance efforts.