For small business owners and their compliance requirements under the Beneficial Ownership Information Reporting requirements under the Corporate Transparency Act, the band Soul II Soul may have said it best: “Back to life, back to the present tense...” The litigation see-saw over this law continues and it is now tilted toward compliance again. Here are the details:
In light of a February 18, 2025 decision by the U.S. District Court for the Eastern District of Texas, BOI reporting requirements are back in effect. However, recognizing that businesses may need additional time to comply, FinCEN has extended the deadline by 30 days from February 19, 2025.
Updated Deadlines
For the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then regarding any further modifications to this deadline, recognizing that reporting companies may need additional time to comply once this update is provided.
Reporting companies that were previously given a reporting deadline later than March 21, 2025, must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
That’s the latest. Stick with us and we’ll get you through this. We can help you comply for a flat fee as low as $149. Fill out our form to get your company in compliance with the reporting requirements.
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