The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for businesses to comply with Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) by 30 days.
The new deadline for most businesses to file their initial, updated, and/or corrected BOI reports is March 21, 2025. However, businesses that were previously granted extensions due to disaster relief or other circumstances must continue to follow their original reporting deadlines.
- Businesses that were previously given a reporting deadline later than March 21, 2025, must file their initial BOI report by that later deadline.
- Certain entities involved in the National Small Business United v. Yellen case are temporarily exempt from reporting.
FinCEN intends to revise the BOI reporting rule to reduce the compliance burden for lower-risk entities, including many U.S. small businesses. This revision process is expected to begin later this year.
At Shaw Lewenz, our Business Transactions Team can help you navigate the BOI reporting requirements and ensure compliance with the latest FinCEN regulations. Contact us today to learn more about our BOI filing services.