UPDATED 3/3/205 – BOI Reporting Reinstated: Latest Legal Developments

Feb 20, 2025

UPDATE 3/3/2025: FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines, read FINCEN’s release here!

On Monday, February 17, a federal district court judge in Texas lifted the suspension on the Corporate Transparency Act, reinstating the requirement to report beneficial ownership information.

In a recent announcement from the Financial Crimes Enforcement Network (FinCEN), the deadline for most companies to submit their reports has been extended to 30 calendar days from February 19, 2025, setting the new due date to March 21, 2025.

FinCEN also mentioned plans to review the beneficial ownership information reporting requirements under the Corporate Transparency Act. This review aims to reduce the reporting burden on low-risk entities while focusing enforcement efforts on threats that pose significant risks to U.S. national security. The criteria for identifying low-risk companies remain unclear, but this evaluation will occur over the next 30 days.

For general details on BOI Reporting being reinstated, please visit William Vaughan Company’s BOI Insights & Resource Hub. For comprehensive guidance, we encourage you to visit FINCEN’s website.

Categories: Tax Compliance