The Financial Crimes Enforcement Network (FinCEN) has announced a new deadline to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025.
On January 7, 2025, the U.S. District Court for the Eastern District of Texas issued an order staying FinCEN’s regulations implementing the BOI reporting requirements, preventing FinCEN from enforcing the CTA’s mandates. The U.S. Department of Justice filed an appeal, and on February 18, 2025, the court agreed to stay its January 7th order until the appeal is resolved, making BOI reporting mandatory once again. That same day, FinCEN issued a notice that it is generally extending the deadline 30 days for most companies to file BOI reports from February 19, 2025, to March 21, 2025.
Companies subject to the CTA’s reporting requirements that have not yet filed initial or updated beneficial ownership reports should promptly take steps to prepare and submit these reports before the deadline to avoid penalties.
