BOI Reporting Deadline Update: March 21, 2025

BOI Reporting Requirements Are Back in Effect

Beneficial ownership reporting requirements are now mandatory, with a new deadline of March 21, 2025, for most companies. The Financial Crimes Enforcement Network (FinCEN) has stated that it will assess options for further modifying deadlines if needed.

Court Ruling and Appeal Timeline

• January 7, 2025 – The U.S. District Court for the Eastern District of Texas halted FinCEN’s enforcement of BOI reporting regulations under the Corporate Transparency Act (CTA).
• February 5, 2025 – The U.S. Department of Justice, on behalf of the Treasury, appealed the order and requested a stay.
• February 18, 2025 – The court granted the stay, effectively lifting the suspension of FinCEN’s BOI reporting requirements.

As a result, businesses are now required to comply with BOI reporting regulations once again. FinCEN is allowing additional time for companies to meet their obligations.

Updated BOI Reporting Deadlines

• Most companies must file initial, updated, or corrected BOI reports by March 21, 2025.
• FinCEN may extend the deadline if necessary.
• Companies that have received special deadline extensions (e.g., disaster relief) should follow their assigned deadlines.
• Plaintiffs in National Small Business United v. Yellen and associated entities are exempt from reporting at this time.

📄 For more details, review FinCEN’s official update:
FinCEN BOI Deadline Extension Notice

Severe Penalties for Non-Compliance

Failure to file a BOI report or submitting incorrect information can result in serious penalties:

• Fines of $500 per day for non-compliance.
• Potential criminal penalties, including jail time for willful violations.

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If you need help filing your initial, updated, or corrected BOI report, we can handle it for you.

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