Important Update: BOI Reporting Requirements Reinstated – What You Need to Know

The landscape for corporate compliance has shifted significantly with recent developments regarding the Corporate Transparency Act (CTA). On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN a stay order on its previously issued preliminary nationwide injunction, effectively reinstating the Beneficial Ownership Information (BOI) reporting requirements.

New Filing Deadlines

FinCEN has issued clear guidance on the updated filing deadlines that businesses need to be aware of:

• Existing reporting companies: The new deadline to file initial, updated, or corrected BOI reports is March 21, 2025
• New reporting companies: Entities formed or registered on or after February 18, 2025, must file within 30 days from their creation or registration date
• Special circumstances: Companies previously granted extended deadlines due to disaster relief should adhere to those later deadlines

Compliance is Now Mandatory

With BOI reporting requirements back in force, it’s crucial to understand that compliance is no longer optional. The potential penalties for non-compliance can be severe, including substantial fines and other regulatory consequences.

Getting Help With Compliance

For organizations that need assistance meeting these requirements promptly, professional service providers offer comprehensive solutions to help navigate the BOI filing process efficiently. These services can help ensure accurate and timely compliance with the reinstated requirements.

Given the tight timeline for compliance, businesses should act quickly to gather the necessary information and complete their filings before the applicable deadlines.

Stay informed about these important regulatory changes to ensure your organization remains compliant with federal requirements under the Corporate Transparency Act.