FinCEN just released the attached notice regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). Below is a brief summary:
BOI Reporting Deadline Extended: FinCEN has extended the reporting deadline by 30 days from February 19, 2025. The new deadline is now March 21, 2025, for most reporting companies.
Regulatory Review: FinCEN plans to revise the BOI reporting rule to reduce the burden on lower-risk entities, including many small businesses. However, for now, all required entities must file.
Court Ruling Impact: The extension follows a court ruling (Smith, et al. v. U.S. Department of the Treasury), which initially paused BOI reporting. That pause has been lifted, making BOI reporting mandatory again.
Exempt Entities: Plaintiffs in National Small Business United v. Yellen and entities associated with that case are not required to report at this time.
We are encouraging our corporate clients who have not yet filed to contact our office so that we can file for their entity.
Navigating BOI reporting requirements can be complex, and missing the deadline can result in penalties. If your business needs assistance with filing or understanding these new regulations, our experienced team at Jeffrey Burr is here to help. Contact our office today to ensure your compliance with FinCEN’s reporting requirements.
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