FinCEN Extends BOI Reporting Deadline and Plans Rule Revision

February 20, 2025

Corporate Transparency Act
Deadline Extended to March 21, 2025

  • Deadline Extension: The deadline for most companies to report Beneficial Ownership Information (BOI) has been extended by 30 days to March 21, 2025.
  • Court Decision: The U.S. District Court for the Eastern District of Texas reinstated BOI reporting requirements under the Corporate Transparency Act (CTA) on February 18, 2025.
  • Future Modifications: FinCEN plans to assess options to further modify deadlines and prioritize reporting for entities posing significant national security risks.
  • Rule Revision: FinCEN intends to revise the BOI reporting rule to reduce the burden on lower-risk entities, including many U.S. small businesses.
  • Special Cases: Companies with later deadlines due to disaster relief extensions should follow their specific deadlines. Certain plaintiffs in a related case are not required to report BOI at this time.
     

Read FinCEN notice issued February 18, 2025.

The Corporate Transparency Act is actively ongoing, and businesses are required to meet its mandates by March 21, 2025. Yet, the landscape is dynamic, with legal and political challenges unfolding that could influence how these rules are enforced. We will continue to monitor and share updates as available. The latest guidance and alerts can be found on the FinCEN website.

Please note that because these are legal filings in nature, we have been advised by legal counsel that assisting with these filings could be construed as practicing law, which we are precluded from doing.  Accordingly, Lumsden McCormick cannot complete, process, or submit these filings for clients.  For many entities, the reporting is likely straightforward and can be completed with relative ease.  For more complicated structures, however, we recommend engaging your attorney to assist in the filing.

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Mark Stack

Mark Stack

CPA

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