Mar
The Financial Crimes Enforcement Network (FinCEN) has officially reinstated Beneficial Ownership Information (BOI) reporting requirements, with a new filing deadline set for March 21, 2025. This follows a ruling by the U.S. District Court for the Eastern District of Texas in Smith et al. v. U.S. Department of the Treasury et al. (6:24-cv-00336), which lifted the injunction that previously delayed enforcement.
Key Deadlines to Know
- New Deadline: March 21, 2025, for filing initial, updated, or corrected BOI reports.
- Exemptions: The 65,000 members of the National Small Business Association (as of March 1, 2024) and specific individuals involved in National Small Business United v. Yellen (No. 5:22-cv-01448, N.D. Ala.) are not currently required to report.
- Other Deadlines Remain: If you had an extended deadline beyond March 21, 2025, for disaster relief or other exemptions, your original deadline still applies.
How to File
BOI reports can be filed electronically through FinCEN’s E-Filing system, which is free to use. Business owners should prepare by gathering necessary documentation and reviewing the latest guidance from FinCEN.
Possible Legislative Changes
While the current deadline is firm, legislative efforts could shift the timeline. The House recently passed H.R. 736, the Protect Small Business from Excessive Paperwork Act, in a 408-0 vote. If enacted, this bill would delay the BOI reporting deadline to January 1, 2026. The bill is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs, and its final fate remains uncertain.
What This Means for You
If you own a business and meet the filing requirements, it’s important to prepare your BOI report ahead of time to avoid penalties. Stay informed about any potential legislative changes, and ensure compliance by the stated deadline.
For more information or assistance with BOI filing, contact our office.
