FinCEN Extends BOI Reporting Deadline by 30 Days
The Financial Crimes Enforcement Network (FinCEN) has announced a 30-day extension for most businesses required to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA). The new deadline for compliance is now March 21, 2025, giving businesses additional time to meet their reporting obligations following recent legal developments.
BOI reporting was initially paused following a January 7, 2025, court order that halted FinCEN’s enforcement. On February 18, 2025, the court issued a ruling that lifted the stay, reinstating reporting requirements. In response, FinCEN has granted additional time for businesses to comply.
Key Updates:
Businesses subject to BOI reporting should file their reports through FinCEN’s e-filing system at boiefiling.fincen.gov and stay informed about any further modifications to deadlines or reporting requirements.
FinCEN has also indicated plans to revise BOI reporting rules later this year to reduce compliance burdens for lower-risk entities, including many small businesses. NCBA will keep its members updated on future developments, and additional guidance can be found at fincen.gov/boi. For further resources or compliance assistance, businesses are encouraged to consult qualified legal counsel.
BOI reporting was initially paused following a January 7, 2025, court order that halted FinCEN’s enforcement. On February 18, 2025, the court issued a ruling that lifted the stay, reinstating reporting requirements. In response, FinCEN has granted additional time for businesses to comply.
Key Updates:
- New Filing Deadline: March 21, 2025, for most reporting entities.
- Companies previously granted a later deadline due to specific circumstances (e.g., disaster relief extensions) should adhere to that original deadline.
- Exemptions: Certain plaintiffs in National Small Business United v. Yellen remain temporarily exempt from reporting.
- Future Rule Modifications: FinCEN is evaluating potential changes to focus reporting requirements on higher-risk entities.
Businesses subject to BOI reporting should file their reports through FinCEN’s e-filing system at boiefiling.fincen.gov and stay informed about any further modifications to deadlines or reporting requirements.
FinCEN has also indicated plans to revise BOI reporting rules later this year to reduce compliance burdens for lower-risk entities, including many small businesses. NCBA will keep its members updated on future developments, and additional guidance can be found at fincen.gov/boi. For further resources or compliance assistance, businesses are encouraged to consult qualified legal counsel.