As of February 20, 2025, the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. This follows the U.S. District Court for the Eastern District of Texas’s decision on February 18, 2025, to lift the nationwide injunction that had previously halted enforcement of these requirements.
For more information, please refer to this notice: FinCEN BOI Notice.
In response, the Financial Crimes Enforcement Network (FinCEN) announced on February 19, 2025, that the new deadline for most reporting companies to file their initial, updated, or corrected BOI reports is March 21, 2025. FinCEN has stated that it will provide further updates before this date, acknowledging that some entities may need additional time to comply. BOI Filing Portal.
Additionally, FinCEN plans to initiate a process this year to revise the BOI reporting rule in order to reduce the burden on lower-risk entities, including many U.S. small businesses.
For entities previously granted reporting deadlines later than March 21, 2025 (e.g., those eligible for certain disaster relief extensions), the original extended deadline will remain in effect.
To submit a BOI report, entities should visit the official FinCEN filing portal at https://boiefiling.fincen.gov/fileboir. Please be cautious of third-party services that charge fees for this process, as filing directly through FinCEN is free.
Given the evolving nature of these requirements and the possibility of further updates, we recommend staying informed through official channels and consulting with your legal advisor to ensure full compliance.
If you have any questions, please feel free to reach out to us at (248) 934-0550, or contact us through the details below.
