Update 3/25/25: On March 21st, FinCEN issued interim guidance for US business owners regarding BOI filing requirements. This guidance removed the filing requirement for U.S. companies and their owners. Read more
Update 3/3/25: On March 2, 2025, the U.S. Department of the Treasury announced that it will no longer enforce the Corporate Transparency Act (CTA), effectively suspending the requirement for small businesses to register ownership information in the beneficial ownership information (BOI) database. Read the press release here. This follows the February 27th notice from FinCEN stating they would temporarily halt enforcement.
2/18/25 Update: BOI reporting is back on. The US District Court granted a stay in the Smith v US DoT case, meaning that the Corporate Transparency Act (CTA) and the beneficial ownership information (BOI) reporting requirements under the CTA are now back in effect. Most companies have until March 21, 2025 to file. Read more.
On January 23, 2025 the Supreme Court issued a ruling that lifted the nationwide injunction delaying the enforcement of Beneficial Ownership Information reporting under the Corporate Transparency Act.
However, FinCEN’s latest update clarifies that this new ruling conflicts with a prior ruling, (Smith vs. US DoT) blocking the enforcement of the CTA and as an extension, BOI reporting requirements.
The latest guidance marks yet another twist in the ongoing BOI reporting saga. The back-and-forth nature of these rulings has left many business owners uncertain about their next steps.
What does this mean for business owners?
As of right now, BOI reporting is still on hold.
This means businesses currently don’t have to file beneficial ownership reports with FinCEN and won’t face penalties for not filing while the Smith block remains active. That said, companies can still choose to file their reports voluntarily if they want to.
Stay informed.
The Wegner CPAs tax and business advisors will continue to monitor developments closely and share updates as new information becomes available.
