On February 27, 2025, the Financial Crimes Enforcement Network announced that it will not impose fines or penalties on companies that miss current BOI filing deadlines. Additional guidance is expected from FinCEN in March. Get the latest updates on FinCEN's website.
The implementation of the Corporate Transparency Act (CTA) has seen a roller coaster of legal activity. In January 2025, a Texas federal judge issued an injunction halting the enforcement of the CTA. However, this injunction was lifted in February 2025, reinstating the reporting requirements.
This means that beneficial ownership information (BOI) reporting requirements are mandatory once again.
New Reporting Deadlines
In its February 18, 2025 notice, the Financial Crimes Enforcement Network (FinCEN) extended the filing deadline for most companies to March 21, 2025 to provide additional time for compliance.
The March 21 deadline applies to existing companies formed in or prior to 2024.
New companies formed in 2025 are required to file 30 days from the formation date or by March 21 — whichever is later.
Background of Beneficial Ownership Information
The mandatory reporting of beneficial ownership information to FinCEN came out of the Corporate Transparency Act, enacted in 2021. This initiative aims to combat illicit activities by increasing corporate transparency.
To learn more about the CTA and BOI, you can read Your Business May Need to Comply With New Corporate Transparency Act and BOI Report Filing — What Business Owners Need to Know.
Need Help?
If you need guidance related to the Corporate Transparency Act, or assistance with your BOI filings, please contact your attorney.
