All businesses must submit a beneficial ownership information (BOI) report by March 21, 2025.
On February 18, 2025, the U.S. District Court for the Eastern District of Texas reinstated beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Recognizing compliance challenges, the U.S. Department of the Treasury extended the deadline by 30 days from February 19, 2025, giving most companies until March 21, 2025, to submit reports.
High Swartz LLP Corporate Attorneys can help you navigate BOI reporting compliance.
As stated, March 21, 2025 is the new federal deadline for most reporting companies to submit initial, updated, or corrected BOI reports. FinCEN may revise this deadline further, depending on compliance needs. Companies with disaster relief extensions or other deferred reporting dates must follow their previously assigned deadlines.
During this 30-day extension, the Financial Crimes Enforcement Network (FinCEN) will assess potential modifications to deadlines, prioritizing compliance for entities posing significant national security risks. FinCEN also plans to update BOI reporting rules to reduce burdens on lower-risk entities, including small businesses across the United States.
How to File BOI Reports
Businesses can submit BOI reports online free of charge through FinCEN’s E-Filing system at boiefiling.fincen.gov. Additional guidance is available at fincen.gov/boi.
Will my business get fined or penalized if I do not file a BOI report?
No, your business will not face fines, penalties, or enforcement actions for failing to file or update a Beneficial Ownership Information (BOI) report by the current deadlines.
On February 27, 2025, FinCEN announced that it will not impose penalties until a forthcoming interim final rule takes effect and its new deadlines have passed. This decision aligns with the Treasury Department’s effort to reduce regulatory burden and prioritize BOI reporting for entities posing the highest national security risks.
By March 21, 2025, FinCEN plans to issue an interim final rule extending BOI deadlines and providing updated guidance. Additionally, FinCEN will seek public input on possible revisions to BOI reporting rules to minimize the impact on small businesses while maintaining reporting standards for national security and law enforcement purposes.
Background on BOI Reporting Enforcement
On January 7, 2025, the U.S. District Court for the Eastern District of Texas temporarily halted FinCEN’s BOI reporting regulations, preventing enforcement. On February 5, 2025, the U.S. Department of Justice, representing the Treasury, appealed the decision and sought a stay.
On February 18, 2025, the court granted the stay, reactivating FinCEN’s BOI reporting regulations. With reporting mandates now in effect, FinCEN provided additional time for companies to comply.
Need assistance with your filing? Our corporate attorneys are hear to help.
BOI reporting requirements may create legal challenges for business owners, especially those unfamiliar with evolving regulatory requirements. The corporate attorneys at High Swartz LLP provide business owners with comprehensive legal guidance to ensure accurate and timely BOI filings.
Failing to meet filing deadlines could result in penalties or compliance complications. Our attorneys help businesses understand their obligations, submit filings correctly, and avoid costly mistakes.