BREAKING: BOI Filing Requirement Reinstated

Court reverses BOI injunction – March 21 deadline

In a recent legal development, Beneficial Ownership Information (BOI) reporting requirements are back in effect following a federal court decision. On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN a stay order on its previously issued preliminary nationwide injunction against the Corporate Transparency Act (CTA).This ruling means that businesses must now comply with BOI reporting obligations, with most companies facing a March 21, 2025, filing deadline.

Updated Filing Deadlines

FinCEN has issued new guidance on BOI reporting deadlines:

• March 21, 2025: The deadline for most reporting companies to file an initial, updated, or corrected BOI report.
• Newly Formed or Registered Companies: Entities created or registered on or after February 18, 2025, must file their BOI report within 30 days of formation or registration.
• Disaster Relief Extensions: Companies that were previously granted extended deadlines due to disaster relief should adhere to their later deadlines.

Potential Regulatory Changes on the Horizon

The Trump administration has signaled an interest in reducing regulatory burdens, and FinCEN has indicated that further modifications to BOI reporting rules may be forthcoming.

What This Means for Your Business

With BOI reporting requirements back in place and potential updates on the horizon, businesses should remain vigilant. Compliance is mandatory, and non-compliance could lead to significant penalties. However, additional relief or deadline modifications may still be introduced.

We are closely monitoring these developments and are here to help businesses navigate their reporting obligations. If you need guidance on BOI compliance or have questions about how potential regulatory changes could impact your company, reach out to our team today.

Videos from FinCEN:

• How to File a Beneficial Ownership Information (BOI) Report
• Beneficial Ownership Information Reporting Requirements

The information provided in this article is for informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by virtue of this article. For specific legal advice related to your situation, please consult with a qualified attorney.