BOI Reporting Deadline Set for March 21
The Financial Crimes Enforcement Network (FinCEN) recently announced that most entities required to file beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA) will have until March 21, 2025, to do so. The change comes after a federal district court lifted the last remaining nationwide injunction that had paused the BOI report filings.
On Feb. 18, the U.S. District Court for the Eastern District of Texas granted a Department of Justice (DOJ) request for a stay of the court's nationwide injunction in the case Samantha Smith and Robert Means v. U.S. Department of the Treasury. In response, FinCEN said it would extend the filing deadline for initial, updated and/or corrected BOI reports to March 21. Companies that were previously given a deadline later than March 21 may file their BOI report by the later date.
In its announcement, FinCEN also said that it would "assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.” FinCEN additionally stated that it would provide an update of any further modification of the deadline.