With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. To allow time for compliance, FinCEN is extending the deadline for most companies by 30 days from February 19, 2025, making the new deadline March 21, 2025. If a reporting company’s original deadline falls after March 21, 2025, due to a disaster relief extension or another reason, it should follow the later deadline.
FinCEN will provide updates on any further deadline changes and is evaluating options to ease regulatory burdens, prioritizing entities posing national security risks. Additionally, FinCEN plans to revise beneficial ownership information (BOI) reporting rules this year to reduce compliance burdens for lower-risk entities, including many small businesses.
Read more here: https://www.fincen.gov/boi
Learn more about how Parasec can simplify the BOI reporting process here. If you have any questions or are ready to file, contact our BOI compliance specialists today at BOI@parasec.com.