BOI reporting requirements are once again reinstated!

Financial Crimes Enforcement Network (FinCEN) announced today, Wednesday February 19th, that a federal district court lifted the last remaining nationwide injunction from BOI Reporting filing requirements.

The multitude of legal challenges has delayed, but not prevented, FinCEN from requiring BOI Reporting.

FinCEN has extended the BOI Report filing deadline to March 21, 2025.

Its unpopularity seems to have gotten some notice however. In its new release, FinCEN said that they would be assessing options to further modify the filing deadline for lower-risk entities. They also intend to reduce burden for these lower risk entities by revising the reporting process, but it sounds like this second step will be after this initial filing.

To file, or not to file, that is the question. 

Do you file now to get it done and over with? Or do you wait to see what happens next?

From our standpoint, we are in the middle of tax season. For existing clients, if you need us to prepare and file your BOI Report, please contact our office as soon as possible.

* BOI (“Beneficial Ownership Information”) Reporting – Corporate Transparency Act (CTA).