As of February 18th, Beneficial Ownership Information reporting requirements under the Corporate Transparency Act are once again back in effect. This comes after a 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.).
When is the BOI reporting deadline in 2025?
The recent FinCEN notice states that the deadline to file an initial, updated, and/or corrected report for the vast majority of reporting companies is March 21, 2025. There are two caveats, listed below:
Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline 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.
As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
How does a business owner file a BOI Report?
In a previous article, we linked this step-by-step guide for the filing process. You can also reach out to an attorney (or to our team) to file the report for you.
What else do you need to know about BOI?
When BOI reporting was first introduced in 2024, we wrote an article answering frequently asked questions about the process. It includes who needs to report, how, and the penalties for failing to report. While the deadlines have since changed, you can find answers to your questions here.
When BOI reporting was put on hold, we shared the update as well as a timeline of events in this article.
Stay up to date with Marti Law Group
Marti Law Group will keep you updated if requirements evolve. Please reach out to our team to learn more, or if you’d like help filing.