As predicted, 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. Here is what you need to know.
The new BOI filing deadline for most businesses is March 21, 2025.
To give companies more time to comply, FinCEN is extending the BOI reporting deadline by 30 days from February 19, 2025.
Most companies now have until March 21, 2025, to submit their BOI reports to FinCEN. However, if a company already had a later deadline (such as a disaster relief extension), it should follow that later deadline.
Additional Guidance
- Possible Future Extensions: The Treasury Department is considering additional deadline changes and prioritizing BOI reporting for businesses that pose the greatest security risks.
- Planned Rule Revisions: FinCEN plans to update the BOI reporting rules later this year to reduce the burden on low-risk businesses, including many small businesses.
- Special Exemption: Certain businesses involved in the case National Small Business United v. Yellen (including specific plaintiffs and National Small Business Association members as of March 1, 2024) do not have to submit BOI reports at this time.
- How to File: Companies can submit their BOI reports for free using FinCEN’s E-Filing system. Read the full update on FinCEN’s website.
As always, Wegner CPAs business advisors will continue monitoring the situation and provide updates as new information becomes available.
Note – please contact your attorney/legal counsel if you need help filing this form. Wegner CPAs is prevented from filing this report for your business/LLC.
