Update: Financial Crimes Enforcement Network (FinCEN) announced February 27 that it would not take any actions to enforce the upcoming beneficial ownership information reporting deadline — and that revisions to the deadline and reporting requirements are on the way.
FinCEN said it would not "issue any fines or penalties" or take other enforcement actions at this time against entities that are required under current law to submit reports about their beneficial owners.
March 21, 2025: Beneficial Ownership Information (BOI) Reporting Deadline
We want to bring to your attention an important update on the Beneficial Ownership Information (BOI) reporting requirement. This reporting requirement applies to most companies registered to do business in the United States. This includes corporations, limited liability companies, or any other entity registered with the secretary of state.
On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted the Financial Crimes Enforcement Network (FinCEN) a stay order on its previously issued preliminary nationwide injunction on the enforcement of the Corporate Transparency Act (CTA). As a result, BOI reporting requirements are now mandatory.
FinCEN has just issued guidance that clarified the new filing deadlines:
•For most reporting companies, the new deadline to file an initial, updated, and/or corrected
BOI report is now March 21, 2025.
•Reporting companies formed or registered on or after February 18, 2025, must file within
30 days from the date of creation or registration.
•Reporting companies previously provided with extended deadlines due to disaster
relief should follow the later deadlines.
As Beneficial Ownership filings are now back to mandatory, the potential penalties for non-compliance could be harsh.
It is important to note that there are no fees for filing your BOI report directly with FinCEN.
https://boiefiling.fincen.gov/
For those of you seeking an outside source to complete the reporting, we recommend utilizing the services of CorpNet. Click the link below, then click on the top banner "UPDATE: BOI Reporting is Once Again Required Order Now!"
Whether you choose to file on your own or seek assistance, it is important to meet the deadline to avoid penalties and fees.
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