FinCEN Extends Beneficial Ownership Information Reporting Deadline: What Your Business Needs to Know
| The Financial Crimes Enforcement Network (FinCEN) has announced a 30-day extension for most businesses required to report their Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA). This extension follows a court decision that temporarily paused the reporting requirement but has now reinstated it. New Reporting Deadlines For most reporting companies, the new deadline to file initial, updated, or corrected BOI reports is now March 21, 2025. However, if your business has already been granted an extended deadline (such as for disaster relief), you should follow that later deadline instead. Additionally, companies involved in the National Small Business United v. Yellen case, such as members of the National Small Business Association as of March 1, 2024, are currently not required to report their BOI. What’s Next? Potential Changes to the Reporting Rule FinCEN has indicated that it intends to revise the BOI reporting rule to ease the compliance burden on lower-risk businesses, including many U.S. small businesses. The agency will also evaluate additional deadline modifications. What This Means for Your Business If your business is required to file a BOI report, this extension provides valuable extra time to ensure compliance. With FinCEN planning to revise reporting rules, staying informed about potential changes will be essential in the months ahead. For guidance on BOI reporting, we strongly encourage you to consult with your attorney. Please note that KEB is unable to file the BOI report on your behalf. However, if you need assistance finding an attorney, your KEB advisor can provide recommendations. |
