The U.S. District Court for the Eastern District of Texas ruled on February 18, 2025, to pause the nationwide preliminary injunction that had halted enforcement of the Beneficial Ownership Information (BOI) Reporting Rule. Before this decision, the Corporate Transparency Act (CTA) and the Reporting Rule were on hold. However, following the court’s order, the Financial Crimes Enforcement Network (FinCEN) announced that BOI reporting requirements are now active again.
To help businesses meet compliance, FinCEN has extended the BOI reporting deadline by 30 days from February 19, 2025. The agency is also exploring further deadline adjustments and plans to revise the Reporting Rule to ease the transition, particularly for small businesses and low-risk entities.
What Happens Now?
The new deadline to file a new, updated, or corrected BOI report is March 21, 2025.
What does this mean for businesses? This means that non-exempt reporting companies formed on or before February 19, 2025, will have until March 21, 2025, to file their BOI reports. Additionally, non-exempt reporting companies formed after February 19, 2025, will have 30 days from their formation/registration to file their BOI reports.
Despite this, there is the possibility that FinCEN might issue deadline extensions related to BOI reporting. To report BOI, reporting companies can file their report directly to FinCEN using FinCEN’s E-Filing system.
At VertiSource, we will continue to monitor developments and report any changes to come.