FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days

 The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for companies to submit Beneficial Ownership Information (BOI) reports by 30 days, following a court decision that reinstated reporting requirements under the Corporate Transparency Act (CTA). The new deadline for most companies to submit their initial, updated, or corrected BOI reports is now March 21, 2025.

This extension allows more time for businesses to comply with the reporting obligations. During this period, FinCEN will review options for further deadline modifications, focusing on national security risks. They also plan to revise the BOI reporting rule this year to reduce the burden on lower-risk businesses, including many small U.S. companies.

Key points:

• New Deadline: March 21, 2025, for most companies.

• Extensions: Companies with previous extended deadlines, such as those with disaster relief exemptions, should continue to follow their original deadline.

• Exemptions: Certain small businesses involved in a specific lawsuit (National Small Business United v. Yellen) are not currently required to report.

Businesses can submit reports for free through FinCEN’s E-Filing system.

For more details, visit fincen.gov/boi.