Corporate Transparency Act: BOI Reporting Requirements Reinstated with Extended Deadline

A recent court ruling has reinstated the Corporate Transparency Act (CTA), requiring businesses to comply with Beneficial Ownership Information (BOI) reporting. Following the February 18, 2025, decision in Smith, et al. v. U.S. Department of the Treasury, the Financial Crimes Enforcement Network (FinCEN) has set a new filing deadline of March 21, 2025, for most companies.

Key Updates:

• BOI Reporting Back in Effect: Businesses must now prepare to meet reporting requirements after legal uncertainty.
• Deadline Extension: FinCEN has pushed the reporting deadline to March 21, 2025.
• Potential Rule Revisions: FinCEN plans to revise BOI reporting rules, potentially easing the burden on lower-risk entities, such as small businesses.

FinCEN is also evaluating further deadline modifications while prioritizing enforcement on entities that pose the highest national security risks.

For more details, read the official notice from FinCEN here: FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf

Businesses should stay informed and prepare for compliance to avoid penalties.

👉 To file your BOI report now, please visit: https://file.complyboi.com