FinCEN New BOI Reporting Deadline: March 21, 2025

The Financial Crimes Enforcement Network (FinCEN) has announced a new deadline of March 21, 2025, for Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This follows a period of legal uncertainty involving court injunctions and challenges to the BOI reporting rule.

Key Takeaways for Businesses:

New BOI Reporting Deadline: Most reporting companies must file their initial, updated, or corrected BOI reports by March 21, 2025. Ready to file your initial BOI report or correct or update a previously filed BOI report? Look no further. File your BOI report with us in three simple steps.

CTA Compliance: The lifting of recent injunctions mandates BOI reporting for most entities.

Exemptions: Certain entities, such as those included in the National Small Business United v. Yellen lawsuit, are currently exempt. If your company is exempt, it does not need to file a BOI Report. There are 23 types of exempt entities. If you are unsure if your company needs to file a BOI Report take our assessment Do I Need to File a BOI report? To learn more, visit Who is Exempt from Filing a BOI Report?

Legislative Updates: While the House passed a bill to extend the deadline to January 1, 2026, Senate approval is pending.

Understanding BOI Reporting: The Corporate Transparency Act aims to prevent money
laundering and illicit activities by requiring businesses to disclose
their beneficial owners.

What Businesses Need to Know:

Who Must Report: Limited liability companies (LLCs), corporations, and other entities created by filing with a state’s secretary of state are generally required to report.

Legal Challenges and FinCEN’s Response: A series of court rulings and FinCEN updates have led to the current March 21, 2025, deadline. FinCEN is now actively enforcing the CTA’s BOI reporting requirements.