With the nationwide injunction on beneficial ownership information (BOI) reports lifted by a Texas federal court, the Financial Crimes Enforcement Network (FinCEN) has announced BOI reporting requirements are back in effect. Businesses required to file BOI reports have until March 21, 2025, which is a 30-day extension to allow reporting companies additional time to comply. Keep in mind, if you were impacted by severe weather in 2024, your six-month extension still applies and you may file your BOI report at a later date.   

During this additional 30-day period, FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Keeping You Informed 

Our business advisory pros continue to keep a pulse on the latest news related to BOI reporting requirements. To obtain assistance with your BOI reporting filing needs and ensure you maintain compliance, contact us today.