On February 18, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a notice extending the deadline for reporting companies to file their Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA).
Following the February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas in Smith, et. al. v. U.S. Department of the Treasury, et. al., BOI reporting requirements under the CTA are reinstated. Consequently, FinCEN has extended the BOI filing deadline by 30 days from February 19, 2025, for most reporting companies.
Key Timelines
New BOI Filing Deadline: Most reporting companies must file their initial, updated, or corrected BOI reports by March 21, 2025. FinCEN may further modify this deadline and will provide an update if necessary.
Later Deadlines for Certain Companies: Companies with a later reporting deadline, such as those qualifying for disaster relief extensions, must follow their original extended deadline instead of the March 21 deadline.
Business Implications
Businesses must comply with the reinstated BOI reporting requirements and should begin the filing process as soon as possible. Affected entities should identify their beneficial owners, gather necessary documentation, and ensure timely submission before the March 21, 2025 deadline. Companies with extended deadlines should follow their respective timelines.
