The Latest on the BOI Merry-Go-Round: BOI Reporting Requirement Reinstated and Deadline Updated
UPDATE: Treasury announced 3/3/25 they would not enforce any penalties for BOI reporting requirements even after new BOI Reporting deadlines are set.
UPDATE (February 28, 2025): FinCEN has announced that they will not be enforcing penalties or deadlines for BOI Reporting at the moment, but they did not make any official changes to requirements or deadlines. Further information expected by March 21, 2025. Stay turned for updates.
It has been a few minutes since there has been an update with the Beneficial Ownership Information (BOI) reporting legal battles and deadline on again and off again. A February 17, 2025 court decision lifted the nationwide injunction in Smith v. U.S. Department of the Treasury, meaning BOI reporting requirements are back in effect.
If you own or manage a business, here’s what you need to know:
BOI Reporting Enforcement is back in place – If your company meets the criteria, you will be required to file a BOI Report unless things change, as The Corporate Transparency Act (CTA) is once again enforceable.
FinCEN is considering exemptions for certain “low-risk” entities, but there has not been any official changes made yet.
The House passed a bill (HR 736) to extend the BOI filing deadline to January 1, 2026. The Senate has not yet voted on the bill, so the BOI reporting deadlines have not been affected by this legislation.
FinCEN has issued an updated deadline- with the majority of reporting companies currently required to file by March 21st, 2025. For more information please see the FinCen notice here:
Should You Wait or File Now?
Delays and exemptions might change requirements, but uncertainty remains. If you wait, you could face the pressure of last-minute compliance. Please let us know if you have any questions or would like help getting your BOI reports filed.
We will continue to post updates on the reporting requirements and deadlines as they become available.
Need Help with BOI Reporting?
We know that navigating compliance requirements as a business owner can be challenging. We are here to help! Reach out to your Visibility team today for guidance on BOI reporting, and any other compliance questions you have today.
References:
Wall Street Journal. (2025, February 19). The Corporate Transparency Act is back on. The Wall Street Journal. https://www.wsj.com/articles/the-corporate-transparency-act-is-back-on-7a186401
Financial Crimes Enforcement Network. (2025, February). Beneficial Ownership Information reporting deadline extension notice. U.S. Department of the Treasury. https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf
